Fastudent, an education e-commerce start-up, has raised a round of seed investment from a group of marquee angel investors, led by Ashish Gupta, founder and trustee at Ashoka University.
Founded by IIT-IIM alumunus, Gaurav Barman and Geetanjali Khanna, Fastudent is an educational products aggregator – helps students, parents, schools and teachers across the bandwidth – from play groups to post graduation to fulfill their academic needs. It offers one of its kind eCommerce enabling technology platforms to enable education Institutes to bring eCommerce in their own fold of offerings.
Fastudent said this round of funding would be leveraged for team expansion, strengthening the technology and increasing the geographical footprint.
“Fastudent is trying to solve a very fundamental problem of education which is the accessibility of academic needs. I am excited and happy about the fact that Fastudent is envisioning to make education reach the underprivileged sector where the core need of the education lies. The complementary skill-sets this dynamic duo brings on-board are unique and absolutely required for this business. In the last few months, the team has experimented on the minutest of details and the understanding of the business they now have, is unprecedented. They are working to enhance and bind the highly fragmented Indian education sector,” said, Ashish Gupta.
Presently, Fastudent offers more than 20,000 SKUs across eight categories including books, stationery, branded merchandise, uniforms, shoes, digital learning, sports goods, art & craft and electronics.
Fastudent, currently services more than 20,000 pincodes all across India. The company said it is expanding its operations and plan to acquire over 10 million paying customers by the year 2018.
The company is competing with online marketplaces like Flipkart, Amazon etc. which also deal in this category among others.