Funtoot, a Bengaluru-based education technology start-up with a B2B business model until now, is entering the retail market to expand its reach to two million students in the next two years.
Funtoot is an online learning aide that combines education and technology to make it enjoyable to study science and math. The retail model has been launched to scale up the model and expand its student base.
Launched in December 2012 by Rajeev Pathak, founder and CEO, the platform offers customized learning solutions. It works as a personalised learning coach for Math and science. The B2C model will allow any parent and student to go online and experience the product free of charge for a week. If they want to use it further, they can do so by paying an annual subscription fee of Rs 4,500 which allows for unrestricted use.
Around 10,000 students have logged on to the program and 1,000 students have paid the subscription fee so far, since the new model was launched three weeks ago.
What it does
The company analyzes interests and aptitude level of the student and customizes a learning path for each student. As the student spends more and more time on the platform, it further personalizes their learning path based on their long-term performance, short-term performance, concept completion and proficiency, Learning Gaps (LG) identified, Learning Gaps (LG) resolved and speed.
The company is able to do this by bringing together proprietary pedagogy (proprietary taxonomy and ontology, coupled with responsive content) and disruptive technology (patent pending technology based on Artificial Intelligence, Machine Learning and Natural Language Processing).
“Our system intelligence monitors the student every minute during the usage and finds the problem he/she is facing and remedies it. However, the parent is kept informed with regard to the student's progress. If any additional help is necessary, parents can contact us through mails, text messages and emails,” says Pathak.
With Inventus Capital Partners providing Series A investment of US$ 2 million in 2013 and Mumbai Angels’ angel investment of US $0.6 million 2012, the company was able to further expand its operations across the country.
An app is also available for android tabs to encourage learning on the move.
Ankur Saigal, chief business officer, said the company plans to expand its experience to two million students in the next two years with an expected customer base of two hundred thousand.
The total number of students in the country in the below 18 year age group is around 20 crores. The company aims to target two crore students from this group.
In the B2B model, schools invest in the program and students have to pay for usage. The company expects to earn revenues of Rs 10 lakh each from both the models.
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Updated Date: Dec 15, 2015 16:57:22 IST