InOpen Tech, an IIT-Bombay based educational startup, is looking to raise Rs.20 crore. The company provides computer science content to 300,000 students across 130 schools in India. Its flagship product, Computer Masti, is a program to teach computer science in schools.
Within three years of operation, it has achieved profits, clocking revenue of Rs.2.32 crore in FY12, compared to Rs.70 lakh the year before. Rupesh Shah, chief executive and co-founder of the company, is an IIT-B alumnus, while Sridhar Iyer, another co-founder, is a professor in the department of computer science and engineering at IIT-B.
The company was formally incorporated in October 2009 and incubated at the Society for Innovation and Entrepreneurship at IIT-B. Starting with seed capital of Rs.25 lakh, it raised $500,000 from VenturEast last year. Founders Shah and Iyer own a majority stake while IIT-B has a small minority stake.
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