Please to announce that InOpen has raised its 1st round of investment

1

August 24, 2011 by Rupesh

I am happy to announce that InOpen has raised its first round of funding from Ventureast. This will help us attract talent and scale up our operations and research efforts.

Grateful to my team who supported and strengthened me ! The fact that Open Source can be leveraged both academically as well as financially really really excites me.

I hope that I would be able to take my much needed vacation soon : – )

Kudos to InOpen Team and folks at IIT Bombay

PRESS RELEASE | 24/08/2011 | info@inopen.in | blog.inopen.in

InOpen raises USD 500,000 from VenturEast

 

InOpen Technologies, a IIT Bombay based startup, that develops content and teacher training solutions, has raised seed funding from VenturEast TeNeT Fund II, an early stage investor.

VenturEast has invested USD 500,000 in a seed round in InOpen for a minority stake. InOpen was founded in October 2009 by Dr. Sridhar Iyer and Rupesh Shah. The company is incubated at IIT Bombay.

InOpen designs and develops world-class educational content and solutions for academia. The solution is designed based on inputs and extensive validations from experts and academic institutions in the country and abroad. InOpen offers products and service to private schools, municipal schools, State Board and Government schools. Computer Masti, their flagship product, is a collaborative effort between IIT Bombay and InOpen.

The company is expected to grow their sales more than 7 times in FY 2011-12 compared to FY 2010-11. InOpen now serves 40,000 students. The e-books (available for free download) have been downloaded in more than 100 countries.

Rupesh Kumar Shah, co-founder and CEO of InOpen Technologies, said, “The Company will use the funds to add more talent, focus on research and enhance logistics capacities”. He added, “Ventureast brings immense experience in dealing with early stage startups and have an ability to help them scale and grow. The investment from VenturEast will be instrumental for InOpen to scale up across India. The goal is to expand the reach to one million students in next two years”.

Dr. Sridhar Iyer, co-founder and Director of InOpen, said, “InOpen focuses on creating content which can be implemented across different schools on a need basis. For instance, Computer Masti has been implemented acrossposh schools of Mumbai to less privileged schools Tier 2 and Tier 3 cities.

Anuradha Ramachandran, Principal at VenturEast, said, “InOpen addresses fundamental issues in the way education is delivered. Also, the company’s business model involves multiple layers which differentiate it from other businesses in the education space”. She also said, “InOpen’s research acumen in creating content and high quality benchmarks in training make the firm very confident about its future”

——————

About InOpen

InOpen Technologies Private Limited is a IIT Bombay based startup. The Company was started in Oct 2009. Dr. Sridhar Iyer and Rupesh Shah co-founded the company. The vision is to be a quality content generation and resource training company.  InOpen Technologies has powered computer science education across 40,000 students in less than 2 years of its incorporation. For more information please visit:

About VenturEast

VenturEast is a ‘venture style’ investment firm with offices in Chennai and Hyderabad. VenturEast TeNeT Fund II is primarily focused on early/ seed stage investments. VenturEast as a firm has enabled over 50 businesses in India and overseas in the areas of technology, healthcare & life sciences, cleantech, besides other emerging sectors.

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