India's Voicetap to raise capital from venture capital
Voicetap, a technology startup focused on mobile-education, has received $1 million from private investors. It is also in talks with other venture capital funds in the US, Singapore and India to raise $7 million over the next few months.
CCube Angels, a Singapore-based investment group, private equity firm Frontline Strategy and angel investor Umesh Kumar Baveja participated in the initial round, The Economic Times reported.
Established three years ago, Voicetap allows students to access educational content and counseling services via a mobile platform. The technology allows students to search topics and relevant experts and then listen to content either live, from recordings or through a user-generated call. Airtel and Tata Docomo, two of the country's largest mobile operators, use the application.
"Education is clearly a big game as mobile operators are looking at newer services that can generate revenues, as revenue from traditional value-added services drops" said Mrigank Tripathi, the founder of Voicetap.
Education investments have received increasing attention in recent years due to the country's rising income. Last October, CLSA Capital Partners has invested $21.8 million for a minority stake in Resonance Eduventures, an Indian education specialist, which provides coaching for entrance examinations to students interested in pursuing graduation courses in the fields of engineering and medical sciences.
In January that year, Fidelity Growth Partners also took an undisclosed minority stake in Mind Shaper Technologies for about $15 million. The company operates under the Classteacher Learning Systems brand, which provides more than 85,000 educational modules to 500 schools.
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