[Update] SpeakX Raises $16 Mn To Offer English Learning Course In Regional Languages

Update | October 14, 11:20 IST

Months after Inc42 reported about SpeakX’s funding, the edtech startup has secured $16 Mn (around INR 142 Cr) in its pre-Series B funding round led by WestBridge Capital.

The round also saw participation from Goodwater Capital and existing investor Elevation Capital, alongside angels including OpenAI executive Shyamal Anadkat and upGrad cofounder Ronnie Screwvala.

In a statement, the startup said that the capital will be used for enhancing SpeakX’s AI technology, expanding team, and offering English learning courses in new regional languages.

Currently, SpeakX claims that 70% of the learners on the platform are Hindi speakers. Over the next year, the platform plans to launch in Telugu, Tamil, Marathi, Bengali, and other regional belts where demand is rising.

Original | July 30, 15:07 IST

AI-based edtech startup SpeakX (erstwhile Yellow Class) is set to raise $11 Mn (around INR 96 Cr) in its Pre-Series B funding round from existing investor Elevation Capital, while WestBridge Capital will be joining the cap table, sources close to the matter told Inc42.

As per SpeakX’s MCA filings assessed by Inc42, earlier this month, the startup bagged INR 26.24 Cr as part of the first tranche of its Pre-Series B funding round led by Elevation Capital. To raise the capital, the company issued 42,974 Pre Series B3 compulsorily convertible preference shares (CCPS). The round also saw participation from Breadlake Ventures and a host of angel investors, including Charles Songhurst, Ashish Jain and Siddharth Kohli.

Notably, SpeakX’s Pre-Series B is an ongoing funding round. The Gurugram-based company is raising the capital at an estimated valuation of $50 Mn, sources said.

The company will deploy the fresh funds to enhance its tech stack. While SpeakX is yet to disclose its FY25 numbers, sources claimed that it has already achieved EBITDA profitability in the last quarter of the previous fiscal year (Q4 FY25).

Inc42 has reached out to SpeakX and the story will be updated based on its responses

SpeakX was founded by Arpit Mittal and Anshul Gupta in 2020. Operating under the name Yellow Class, the startup initially offered free extracurricular and co-curricular classes for children in the 3-12 years’ age group, across over 40 categories like art, craft, dance, yoga, general knowledge and logical reasoning, among others. In 2023, Gupta exited the company.

In January last year, the company pivoted its business model to offer a personalised learning experience by fostering AI-driven conversations that allow users to practice and refine their English skills in real-time. It was also rebranded to SpeakX.

In 2021, the company raised $6 Mn in its Series A funding roundled by Elevation Capital.

Last year, SpeakX was also one of the 20 startups selected for the first cohort of its ‘Google for Startups Accelerator: AI First’ programme. This programme offered three months of equity-free support to 20 early-stage startups using artificial intelligence, machine learning, and cloud technology in their core business practices.

As per Tofler, the company’s net loss declined to INR 6 Cr in the financial year ended in March 2024 as against INR 14.9 Cr in the previous fiscal year. Meanwhile, its sales stood at INR 33.4 Lakh in the fiscal under review.

As per Inc42 report, India’s AI startup ecosystem is expected to reach a market opportunity of $17 Bn by 2030, with more than 420K AI professionals currently working in the country.

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