Funding

• TinyTap raised USD 8.5 million in a funding round led by Sequoia China, with participation from Polygon, Shima Capital, and Liberty City Ventures to accelerate product development and hire additional staff. (April 26, 2023; EdTechReview)

M&As

• BrightCHAMPS acquired Metamorphosis Edu, an Indian firm that collaborates with schools to teach children entrepreneurship-related skills and the National Education Policy. With this acquisition, BrightChamps entered the B2B market, which will be led by Metamorphosis Edu's founder. The company plans to consolidate all its product lines into a single platform and establish labs in schools while providing teachers with curriculum training. (April 27, 2023; Siliconindia)

Management news

• Byju's appointed Ajay Goel as its CFO to strengthen the company's financial operations and long-term business strategies, with Goel's experience spanning the delivery of strong financial and operational results by companies such as Vedanta, Diageo, GE, Coca-Cola, and Nestlé. He most recently served as Group Deputy CFO with Vedanta Resources. (April 06, 2023; People Matters)

New product

• Instructure, the creator of Canvas LMS, launched Canvas Admin Analytics, a set of new features available to all Canvas LMS customers for free. With this release, administrators will have access to self-service analytics which will provide insights into the usage and adoption of Canvas, student engagement, course activity, and outcomes. (March 30, 2023; Company press release)

• Teachmint introduced TeachPay, a FinTech solution that aims to simplify the fee collection process for schools, with two key features: TeachPay Credit, a payment facility that enables parents to pay fees in monthly installments while the school receives the full payment upfront, and TeachPay Auto, which automates the fee payment process and minimizes the need for reminders. TeachPay is part of Teachmint's Integrated School Platform, which provides a range of educational infrastructure services to schools. (April 03, 2023; CXOToday.com)

• Brainly is set to launch AI-enabled features to provide homework help to students and parents, powered by technology developed with OpenAI's GPT-4, and will also be releasing AI-powered products for teachers later this year. (April 20, 2023; Company Press Release)

Earnings/results

• D2L recorded a 3% YoY revenue growth in Q4 FY2023 (ending January 31, 2023), reaching USD 42.7 million. This growth was primarily driven by the subscription and support revenue sub-segment, which accounted for 89% of total revenue and saw a 4% YoY increase. The company's adjusted EBITDA for Q4 FY2023 improved to USD 0.4 million compared to a loss of USD 0.4 million in Q4 FY2022, while the net loss for the quarter was USD 6.2 million (Q4 FY2022: loss of USD 3.9 million). For the full-year 2023, D2L achieved an 11% YoY revenue growth, totaling USD 168.4 million. Looking ahead to FY2024, the company expected a total revenue ranging from USD 180 million–USD 182 million, implying a YoY growth of 7% to 8%. Subscription and support revenue is expected to contribute between USD 159 million and USD 161 million, with an estimated adjusted EBITDA in the range of USD 4 million–USD 6 million. (April 4, 2023; Company Press Release)

• BrightCHAMPS reported an 11.3x increase in operating revenue to INR 225 million (~USD 2.8 million) in FY2022. This growth was primarily driven by the sale of services. However, the startup's standalone loss increased by 28x YoY to INR 987 million (~USD 12.1 million) in FY2022, mainly due to a significant rise in expenses. The company declined to provide further details on its overseas subsidiaries but stated that its revenue exceeds that of its Indian entity by over 100%. (April 12, 2023; Inc42)

• Cuemath reported revenue growth of 63.3% YoY to INR 1.5 billion (~USD 18.7 million) in FY2022. However, the company's total expenditure increased by 64.7% YoY to INR 3.7 billion (~USD 45.1 million) in FY2022, with advertising and promotion expenses growing by 18.4% YoY and legal professional charges rising by 126.3% YoY. Consequently, the firm's loss widened by 65.7% YoY to INR 2.2 billion (~USD 26.9 million). (April 25, 2023; YourStory)

• Stride reported revenue growth of 11.5% YoY to USD 470.3 million in Q3 FY2023 (ending March 31, 2023), mainly due to strong enrollment, rise in revenue per enrollment, and growth in adult learning. The company's adjusted EBITDA was USD 103.9 million in Q3 FY2023, which is a 15% YoY growth, and a diluted net income of USD 1.30 per share. As a result, Stride revised its revenue target for FY2023 to range from USD 1.805 billion–USD 1.825 billion, with an expected adjusted operating income in the range of USD 193 million–USD 200 million. (April 25, 2023; Company Press Release)