Stones2milestones raises Rs 19 cr bridge funding led by Unreasonable Capital

Education technology firm Stones2milestones, which owns and operates Freadom, on Wednesday said it has raised around Rs 19 crore in a bridge funding round led by existing investor Unreasonable Capital and its limited partner Goldhirsh Foundation. The company has also initiated the process to raise USD 5-8 million and two of its current investors have confirmed participation in the round, it said.

Education technology firm Stones2milestones, which owns and operates Freadom, on Wednesday, said it has raised around Rs 19 crore in a bridge funding round led by existing investor Unreasonable Capital and its limited partner Goldhirsh Foundation. An investment banker from Singapore along with a few marquee lawyers led the angel investment share in this round along with three angel platforms -- AngelList US syndicate, LetsVenture, and Faad Network, the company said.

Freadom is a comprehensive learning platform for children aged 3-10 to strengthen their English reading, speaking, and conversation skills. "English is a second language and this segment is growing fast, we are now scaling our solution fast to reach 10 million within the next 12-18 months," Stones2milestones co-founder Kavish Gadia said in a statement.

"With a product that's working for 2,00,000 plus users, a profitable business model, and a mission-aligned passionate leadership team, this round of capital is well-timed for fueling growth," Gadia added. Several other institutions have participated in the Stones2milestones' past financing rounds including Menterra Ventures, Caspian Impact, GodSpeed Ventures, Astir Ventures.

"The company is at annualized revenue of USD 1.5 million (about Rs 11 crore) and expects ARR (annual recurring revenue) to cross USD 7.5 million (around Rs 56 crore) by March 2021. Based on the last 6 months of 100 percent month-on-month revenue growth, the company is on track to hit this target without even a Series A close," Stones2milestones said. The company has also initiated the process to raise USD 5-8 million and two of its current investors have confirmed participation in the round, it said.

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