Sequoia-backed Eduvanz acquires edtech firm Klarity
Klarity, the brainchild of Manmeet Singh Akali has been acquired by Eduvanz. Klarity is an online portal that enables users to have one-on-one sessions with mentors from companies such as ICICI, Google, Jio, etc. Klarity has helped over 5000 people land jobs with its sessions. Klarity primarily focuses on postgraduate students.
Eduvanz, on the other hand, is a platform to enable people to follow their passions and excel. Eduvanz offers no-interest loans to enable learning for students who need financial help. Started in 2016 by Varun Sharma and Raheel Shah, Eduvanz has disbursed almost ₹200 crore in loands and aided people in 25 different cities in India. The acquisition couldn’t come at a better time.
The primary reason for the acquisition is Eduvanz’s attempt to reach out to captains of industry and educational institutes. By increasing their outreach, Klarity will be able to offer their services to many more people who have been shaken by the pandemic. The financial aspects of this deal are not public just yet. Eduvanz was able to secure Series A funding from Sequoia Capital, an American capital venture firm. The funding raised was almost $5 million (₹37crores).
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