EdTech start-up om the MSME space has raised pre-series A funding round of $1mn from Razorpay and TNF Investments. A clutch of angel investors including Badri Pillapakkam (Partner at Omidyar Network), Krishna Kumar (Founder of SimpliLearn), Manoj Sharma (CTO of Cleartrip), and Heetesh Veera (Partner at E&Y), among others participated in the round.
The fund will be used to develop new intuitive technologies including a deep learning based recommender system, an intelligent live chat system and AI-based behavior analytics system to serve more users.
Amit Kumar, Co-founder & CEO, MSMEx said “Only 0.5% of micro businesses are able to scale up and graduate to the next level in India, while the comparative figures for China and the USA are at 25% and 45% respectively. Not every micro business owner gets access to world-class business education or mentors and advisors, as 90% of them are located outside metro cities. MSMEx is taking structured business education and advisory services to every corner of India, to create future leaders of Indian economy.”
The start-up offers live business sessions for micro, small and medium enterprise owners and also connects them with curated business experts for online interactions and hand holding support.
Amit added, “Our investors understand the MSME space well, and we are therefore excited to achieve this aligned vision together of impacting 10 million MSMEs in the next five years.”
Currently, the MSMEx platform has over half a million users representing micro and small businesses from over 1,200 cities across India. The startup said it has registered 55% MAU growth since January. MSMEx currently offers English language content with a strong focus on the quality of experts. The platform will shortly be launching content in Hindi and other regional languages to cater to a much larger non-English speaking user base.