Edtech Startup IMAX Program Raises $13.5M From MSDF, LGT Impact and Aspada

BENGALURU, India and NEW YORK, February 16, 2018 /PRNewswire/ --

IMAX Program, a personalized education startup that serves 800+ schools and 300,000 students across India, has announced the completion of their latest round of funding. The round saw participation from the Michael & Susan Dell Foundation, LGT Impact and Aspada, an existing investor in the company.

     (Photo: https://mma.prnewswire.com/media/642935/IMAX_Naveen_Mandava_Varun_Kumar.jpg )

The IMAX Program includes textbooks, tablet-based lesson plans, and a unique feature of using regular school assessment data to provide individualized remedial worksheets. The assessment-remediation loop ensures that the key learning gaps are identified and bridged, thereby maximizing learning. Till date, IMAX Program has delivered more than 1.7 million individualized remedial worksheets.

Varun Kumar, Co-founder, IMAX Program, said, "We are excited to have MSDF and LGT Impact on board with Aspada. Their experience will be critical to our growth story. With this round, we will now further deliver better experience for our customers, and accelerate the expansion of our commercial operations. We aim to impact 2 million students by 2020."

Naveen Mandava, Co-founder, IMAX Program, added, "Our vision is to help create the best version of each learner. We achieve this by leveraging technology where a child can receive individualized content, appropriate for their level, gaps and interest. As of today, no publisher or edtech player in India is able to influence classroom learning using student data. That needs to change. With this round of funding, we will explore working with international K -12 publishers, to deliver high quality in-school remedial programs to a global student base."

Prachi Windlass, Director, India Programs, MSDF, said, "Education in India is waiting for its data revolution. We need models that leverage technology for applying data and analytics to improve learning outcomes for every student. IMAX Program's full-stack learning system has demonstrated that it can achieve scale and be adopted successfully in schools with monthly school fees as low as $10 per student. We are excited to support the talented team at IMAX Program in their journey to impact student learning outcomes."

As smartphones proliferate and Internet quality improves, the Indian edtech space is projected to grow from $ 0.25 Bn to $1.96 Bn in the next five years, according to a recent report by Google and KPMG.

For more information, visit http://www.imaxprogram.com.

Media contact:
Manjari Ramasubramanian
[email protected]

SOURCE IMAX Program