Fastudent, a B2B2C education e-commerce marketplace, has today announced that it has raised a Pre-Series A funding round from a group of investors. The investors include Kanwaljit Sing Fireside Ventures, Ajay Lakhotia former Vertex Venture Director and Pavan Ongole former SoftBank Director.
Ashish Gupta, Trustee Ashoka University and former COO of eValueServe has also participated in the current funding round. Notably, he also invested in the company’s seed funding round.
Founded by Gaurav Barman and Geetanjali Khanna, the e-commerce start up will utilize this round of funding to expand into Mumbai, Bangalore, Pune etc and strengthen their technology platform. Fastudent currently offers this service to schools in Delhi NCR only.
Commenting on the funding, Kanwaljit Singh, Founder Fireside Ventures, said: “Fastudent has tapped into a consumer need for School-endorsed education supplies – coupled with the convenience of e-commerce deliveries. The young & dynamic team intends to service the education fraternity like never before by creating a highly personalized brand experience for its audience.”
Fastudent with its current capability to service the complete education bandwidth viz. from Playgroups to Post Graduation, has partnered with more than 200 education institutes. Using Fastudent’s exclusive technology platform, the institutes can now have their own customized white labeled e-Commerce stores .The Company runs end to end operations to support the transactions received on these stores from order receipt till the last mile delivery. With a dedicated consumer base of 1.2 million students, Fastudent has serviced more than 90,000 orders till date.
Ajay Lakhotia, ex-Vertex Venture, added “Vertical E-Commerce has the capability to build specialized products and services around its target audience and develop deeper engagement with customers. Fastudent could eventually become the 8dol.com of India.”
Servicing an unprecedented range of academic supplies ranging across 32 categories including Books, Stationery, Digital Learning, Branded Merchandise, Augmented Reality, Sports, Uniforms, Shoes and more, the edTech startup boasts of a focused educational catalogue of1,00,000 + products, spanning across 500 brands.
Ashish Gupta who invested in the previous round stated, “The model has blended into the existing education ecosystem faster than our expectations. The last few months have been phenomenal in terms of the numbers and the market validation has been extremely encouraging. In the coming months, the team is going to build a strong foothold in the education supplies market.”