Mobilizar Technologies Pvt. Ltd. owned edtech startup Playshifu (1) has raised $4.4 million from Trifecta Ventures Debt Fund II, Chiratae Ventures, and Vistra ITCL.
The funding round also saw participation from Survam Partners LLP, Inventus III India Fund, Bharat Innovation Fund, and Abhinav Daga, CEO of Star Orechem International.
The funding was raised as a mix of debt and preference share with $1 million and $3.3 million in each, respectively.
Playshifu is a leading edtech startup founded by Dinesh Advani and Vivek Goyal in 2016 that uses AR toys and other methods for revolutionizing learning for the kids of today to make the world of tomorrow.
400% rise in demand
It offers interactive tools of learning for kids from the age of 4 to 12 years. The company will be using freshly raised funding to meet the operational needs of the business.
Goyal, co-founder & CEO at Playshifu, stated that the company had witnessed a 400% rise in the last three months of its operations due to the lockdown that shut down all the educational institutes in the country, who now rely solely on online classes.
He added that with the surge in demand, the company’s inventory went haywire, and it had to scale up the operations. With the investment, the company will be able to rightly use the opportunity to meet the market demand and scale-up.