The English learning startup OckyPocky obtains funding from Silicon-valley-established-ventures Good Water Capital and Angellist Quant Fund.
OckyPocky’s Vision
The founder of OckyPocky, in an interview with Entrepreneur, stated bad communication results in 95% unemployment or an underdeveloped career. He further added, showing statistical data where 97% of graduates in India aren’t able to speak perfectly, whereas 67% don’t even know anything about English.
He indicated the English-based curriculum in most government-run schools as a showcase, where the teachers struggle with basic grammar causing the students to fall short of imparting good quality English-medium education.
To fix this issue, he desired everyone to have fluency in written and oral English from a very young age and started the development of OckyPocky. Defining the young-age-learning, Mr Agarwal stated it to be the best age to learn a new language.
He expressed the company’s goal is to empower children to master English through the correct tools, as English acts as a gatekeeper for admissions and jobs for the middle class.
How does OckyPocky Work?
Founded by former YouTube India head Amit Agarwal in 2017, this Gurugram-based startup aims at teaching the English language to kids of 2-8 years through an AI-based interactive method.
The app has interface availability in most spoken languages like Telugu, English, Tamil, and Hindi and aims to count more languages in the future for a seamless experience.
The OckyPocky is an octopus character that carries a personality of an elder or a friend and creates rapport with the children in their mother tongue.
The character uses technologies like AI( artificial intelligence), NLP(Natural Language Processing), and speech recognition and creates a helpful and protective ecosystem.
Business Analytics of OckyPocky
With over 3 million user bases, the company has over a 95% renewal rate for its monetary services. The Economics hasn’t been much of an issue in this case, as the company claims less than 10% customer acquisition cost. Not only tier 1 or 2, but the company says to be loved by lower tier cities because of its multi-language interface.
The peak-covid times are to be a boon for a company, as it saw enormous traffic during that session, it was so much that it resulted in downsizing to increase the runway. Examining this boom, the company raised external funding in 2020 from Lead Angels Network.
Looking at an overall bulk, by claims of most known media houses, OckyPocky is a great survivor in the ed-tech startup battlegrounds.
A Glimpse of the Founder
Amit Agarwal, an Alumni of the prestigious St.Stephens college and IIM Bangalore, sowed the seed of WhizKidz Media, the parent company of OckyPocky, in 2015.
His job profile has big companies like Infosys, Google ( further Youtube), and Asian Paints. The most highlighted spot in his career includes being the Head of YouTube Content operations in South & South East Asia. Mr. Agarwal has also been an Angel investor in Jar and Advisor in Quizy.
The Recent Funding
OckyPocky raised funding, as an extension of a funding event announced in September 2021, from Udaan and SucSEED Innovation fund.
The current session was for an undisclosed amount by Silicon Valley-based Goodwater Capital and Naval Ravikant-backed Quant Fund.
The company claims usage of funding to grow its platform distribution by adding more vernacular languages. Further, this funding would open a unique perspective mindset by including new Investors. Founders also left signs of further funding in the end-2022.
The investors were delighted to invest in OckyPocky as their mission of attracting the most talented teams among Indian startups has been accomplished. The citation of the following information was from an interview with Abraham Othman, the senior researcher at AngelList Early-Stage Quant Fund
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