ENTREPRENEUR/STARTUP SPECIAL...LESSON NO.6 FROM REAL EXAMPLES
PARIKSHIT JAIN Founder, Vienova
Adding More Value to Affordable Education
It was a desire to try something new that led Indian Institute of Technology -Delhi and IIM-Ahmedabad alumnus, Parikshit Jain, to quit his comfortable job as Senior Consultant at McKinsey & Co to launch Vienova Education in 2007. Jain had an interest in education and so he decided to focus on the sector. “After carrying out research on the sector, I realised that the affordable segment has maximum impact and needs maximum help as well,” says Jain. “I wanted to democratise high-quality education,” he points out. The company tried out online and offline models and has now opted for a need-based hybrid model. Vienova provides services like teacher training, co-curriculum activities for students and standardised practices for schools, in the low-cost segment. Jain has raised three rounds of funding so far. He raised angel funding from Indian Angel Network (IAN) in 2008; in September 2011 Helion Venture Partners put in $3.5 million in the company. In April this year Bamboo Finance, managers of social enterprise fund Oasis Fund, put in $3 million. “The first two occasions I was introduced by friends to the investors,” says Jain. “My investors at IAN and Helion have been entrepreneurs and I was able to learn a lot from their experience.” The Bamboo Finance investment came at an opportune moment, Jain says, as the company was scaling up. The firm works with schools in Uttar Pradesh, Haryana, Punjab, Rajasthan and Uttarakhand. Jain is targeting to reach 100 schools in two years. “We are an innovation driven company and we need to continue investing in that so we can bring better solutions to schools,” says Jain.
It was a desire to try something new that led Indian Institute of Technology -Delhi and IIM-Ahmedabad alumnus, Parikshit Jain, to quit his comfortable job as Senior Consultant at McKinsey & Co to launch Vienova Education in 2007. Jain had an interest in education and so he decided to focus on the sector. “After carrying out research on the sector, I realised that the affordable segment has maximum impact and needs maximum help as well,” says Jain. “I wanted to democratise high-quality education,” he points out. The company tried out online and offline models and has now opted for a need-based hybrid model. Vienova provides services like teacher training, co-curriculum activities for students and standardised practices for schools, in the low-cost segment. Jain has raised three rounds of funding so far. He raised angel funding from Indian Angel Network (IAN) in 2008; in September 2011 Helion Venture Partners put in $3.5 million in the company. In April this year Bamboo Finance, managers of social enterprise fund Oasis Fund, put in $3 million. “The first two occasions I was introduced by friends to the investors,” says Jain. “My investors at IAN and Helion have been entrepreneurs and I was able to learn a lot from their experience.” The Bamboo Finance investment came at an opportune moment, Jain says, as the company was scaling up. The firm works with schools in Uttar Pradesh, Haryana, Punjab, Rajasthan and Uttarakhand. Jain is targeting to reach 100 schools in two years. “We are an innovation driven company and we need to continue investing in that so we can bring better solutions to schools,” says Jain.
3 TIPS TO RAISE MONEY
Ensure you have a workable idea before approaching investors
Ensure you have a workable idea before approaching investors
Build a strong team. Investors bet on the team
Choose the investor with whom you have built trust
Radhika P Nair ET120625
2 comments:
Very useful info. Thanks for sharing Sir !!
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