Ed-Tech enterprise Foradian Technologies raises $2million from Fabindia’s William Bissell
Foradian Technologies, leading provider of enterprise software solutions for the education industry, today announced that they have raised $2million funding from Mr. William Bissell, MD, Fabindia. New Delhi based law firm MPC Legal has advised William Bissell on structuring the deal.
Foradian will use the funds to add more features to its flagship product Fedena and take the product to new markets across the globe. The award winning software, Fedena is a multipurpose school and campus management system, which has established a strong presence in the global ed-tech market in the past three years. Fedena is used by more than 40,000+ schools and colleges in 100+ countries around the world.
Speaking about the funding, Mr. Unni Koroth, CEO of Foradian Technologies said, ‘‘Adoption of Fedena in educational institutions has grown explosively over the last few years. This funding will allow us to expand our team, improve the product further and scale for future growth. It will also give a fillip to our vision of building an ecosystem around Fedena. William will be an invaluable addition to the board as we target to be a billion dollar company by the year 2020.”
William Bissell has a personal interest in the education sector. ‘The Fabindia School’ in Rajasthan of which he is a patron uses all features that Fedena offers for their student management system and benefits from it.
Talking about his investment in Foradian, William Bissell said, “Educational institutions are increasingly becoming complex organisations.Fedena is a useful solution that helps integrate all the administrative functions of a school into a single, easy to use software. Fedena alsohas a unique business model that facilitates usage among elite institutes on the one hand and non-profit organisations, NGO’s and Government Institutions on the other. I see Fedena bringing about a similar revolution in schools and colleges as Tally has in the financial world.”
COO of Foradian Technologies, Mr. Abdulla Hisham added, “Fedena is being used in several developing countries and with this round of funding, we will now look to scale horizontally via expanding our business in markets like USA, Canada and Europe.”
Fedena’s multipurpose school and campus management software is used by educational institutions worldwide for all administration, management and learning related activities. Fedena can be used to manage students, teachers, employees, courses and all systems and processes related to running an education institution. Fedena is currently used by 40,000+ educational institutions and has around 20 million users worldwide. Currently, Fedena’s open source version attracts 200+ downloads a day and has 65000+ downloads in total.