Japan-based education firm Benesse Holdings has invested in InOpen Technologies, an India-based start-up that develops educational content and teacher training solutions for educational institutions. The funds in this series A round will be used to build up the size of the team and increase customer support tools. The latest round follows on from a seed investment, which was made by Ventureast in August 2011.
The company was incubated in IIT Bombay. Its flagship product, ‘Computer Masti,’ is a computer science learning solution that has been implemented in over 200 schools and used by half a million students in India alone.
The deal marks the first time a Japanese Education Major has invested in an early stage Indian education company. The key objective of InOpen and Benesse’s collaboration is to jointly develop products for the global education market, starting with the USA and Japan.
InOpen is in discussions with investors, both financial and impact funds for further investment. InOpen would be looking to raise further capital to cater to the ever growing demand of domestic and international markets and would soon initiate conversation with like minded financial investors.
Benesse made the investment through its Benesse Social Investment Facility (“BSIF”), a facility established recently to invest in companies focused on solving social issues in education, child care and other related fields in emerging Asian countries and Japan. BSIF was established in April 2013 by Benesse with a capital of US$ 15m. InOpen is the first investee of BSIF.
Takaho Miki, Global Social Business Office, Benesse Holdings, Inc, said: “We believe that computer science education based on InOpen’s educational materials will contribute significantly to solving social problems by improving future employment opportunities and income levels for schoolchildren in India, including those from low-income families. By investing in InOpen and strengthening its collaborative relationship, we aim to promote the further expansion of computer science education in India and other.”
Sateesh Andra, Managing Partner, Ventureast Tenet Fund, said of the latest round and the company’s attractive proposition: “InOpen’s biggest strength is its curriculum available in both print and digital formats. Another big positive is that it is focused on Computer Science Education.”
Unitus Capital advised the company on this transaction.