Thiruvananthapuram, Jul 24 (PTI): Despite the economic gloom cast by COVID-19 across the globe, Kerala-based startup Entri, a regional language learning app for jobs, has raised USD 3.1 million in two rounds.
While the startupraised a fresh funding of USD 1.7 million recently, ithad garnered another USD 1.4 million in February this year from a set of investors led by Good Capital.
By bagging huge funds in two rounds, the early-stage venture has closed its Pre Series A round with a total of USD 3.1 million, press release said.
It also saw participation from several top angel investors in the Silicon Valley and in India, including HyperTrack Founder Kashyap Deorah and Hari TN, Head of HR at BigBasket.
The startup, which is targeting 10 million users in the next 18 months, will be using the amount to ramp up marketing and produce more content in the coming months.
It has more than three million users and is now adding 10,000 users every day.
Entri, which had received a scale up grant from Kerala Startup Mission, had also associated with the state startup promotion agency to provide free subscriptions to financially-backward people in Kerala.
Dr Saji Gopinath, CEO, KSUM, said, 'Success of Entri shows the huge potential domestic market offers to smart entrepreneurs. As a vernacular app focusing on training for competitive job examinations, Entri has helped lakhs of job seekers during the last few years.' 'The investment of over USD 3 million received by this young startup is a testimony to the fact that there are silverlinings even in these difficult times.' Its founders, Mohammed Hisamuddin and Rahul Ramesh, are active partners in KSUMs initiatives to promote and guide startup founders in the state.
Founded in 2017, Entri has been providing different types of learning content (mock/adaptive tests, flashcards, video lessons) in Malayalam, Tamil, Kannada, Telugu, and Hindi for job aspirants, enabling them to secure government or private sector jobs.
Since the lockdown, Entri has seen a 100 per cent spike in new users added and 150 per cent growth in revenue.
Its revenue has grown 30 per cent month-on-month for the last four months to reach an ARR (Annual Recurring Revenue) of $2 million,the release added.
KSUM is the nodal agency of the Kerala Government for entrepreneurship development and incubation activities in the state.PTI UD SS PTI PTI