Chennai Angels invests in education-provider Skyfi

Tags: News
The Chennai Angels (TCA), on Monday made “significant investments” in Skyfi Labs (Skyfi), a Bangalore-based education products and services startup. Spark Capital, a leading full-service investment bank headquartered in Chennai has also co-invested in Skyfi. This round of investment was led by Padma Chandrasekaran, a TCA investor member and Vijay Radhakrishnan of Spark Capital.

Responding to queries from Financial Chrinicle, TCA and Skyfi confirmed the developments. However, asked about the exact amount of investment or the extent of equity dilution post the angel investment, Skyfi official spokesman said, “We cannot reveal the amount now, due to some company policies. However, we would like to mention that the amount is in crores. On equity dilution — we would like to keep these details undisclosed.” This incidentally is the first time that the company has raised external funding. Skyfi will use the funds to expand its reach to cover 1,000 new colleges, increase and refine the course offerings and enhance back-end technology, company official said.

“We have been working with good number of colleges and students for quite some time now and learnt a lot about their needs and how we can add value to them. We are going to use this knowledge to develop more relevant courses/ products and work on several methods to reach out to colleges. We already have a strong technology team consisting of eight graduates from IIT Kanpur. We are going to invest further on R&D and course development. We also plan to work with corporate partners to develop these courses and bring more opportunities for our students,” said Pavan Ponnaganti, CEO of Skyfi Labs.

Significantly, Skyfi has so far trained over 25,000 students from more than 150 colleges via both short-term (2-3 days) courses in areas such as robotics, aero-modelling, web and others.

Chandrasekaran of TCA said “India’s future lies in quality education with a practical as well as theoretical focus. Skyfi Labs has a well-defined business model to deliver high quality practical education at scale to engineering students. We look forward to seeing them succeed.”

sangeethag

@mydigitalfc.com

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