Peak XV’s Surge backs $5.5m round of Bangladeshi edtech startup

(From left) Co-founders Abdullah Abyad Raied, Ayman Sadiq, and Mirza Salman Hossain Beg / Photo credit: 10 Minute School

Bangladesh is ripe with edtech opportunities. It’s because many of its 164 million population are younger than 26, and its education system is grappling with disparities in quality and inadequate teaching resources.

10 Minute School (10MS), an edtech platform in Bangladesh, wants to capitalize on this opportunity. It has raised US$5.5 million in its pre-series A round led by Conjunction Capital, with participation from returning investors such as Peak XV’s Surge and Startup Bangladesh Limited.

Funding details

• Funding amount: US$5,500,000
• Lead investors: Conjunction Capital
• Other investors: Surge, Startup Bangladesh Limited, Kunal Shah, Sajid Rahman
• Stage: Pre-series A
• Source

Founded in 2015, 10MS offers live classes for K-12 students, test prep for university admission, and skills development programs through its website and app. The platform offers materials covering the national curriculum, ranging from over 35,000 recorded video lessons, 82,000 quizzes, to other resources such as model tests, ebooks, and lecture notes.

The fresh funds will be used to develop its learning platform, create new content, and expand its reach to more students.

“The government’s emphasis on technology in education and the rise of digital literacy initiatives further contribute to the favorable economic climate for edtech startups in Bangladesh,” the company said in a statement.

See also: Profitable Indian edtech startup prioritizes slow growth over hyperscaling

In the first half of 2023, 10MS said its revenue doubled compared to the same period in the previous year. The company hit three cash flow-positive months by optimizing EBITDA by 4x.

Additionally, the edtech firm reported a 2.5x increase in paid-user retention for the K-12 live cohorts compared to 2022. Its average revenue per user also rose 1.5x.

To date, the 10MS app has amassed over 5.7 million downloads, 3.2 million monthly active learners, and 600,000 paid users.

More details