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Gray Matters Capital’s coLABS Funds Nigerian On-Demand Mobile Diagnostic Imaging Start-Up SonoCare

Rajasthan based Experiential Learning Start-up SRJNA raises funding from Gray Matters Capital’s edLABS

Kidovators Secures Funding from Gray Matters Capital to Scale its 21st Century Skills Program to over 100,000 Students in 2018

Gray Matters Capital Backs Ghana’s Medical Diagnostics Venture Redbird Health Tech under its coLABS Portfolio

Gray Matters Capital Set to Sell its Stake in Indian School Finance Company (ISFC) to Manappuram Finance

Gray Matters Capital Unveils the First Cohort of its Accelerator Program – GMC Calibrator

Global EdTech Accelerator EDUGILD Enters into Strategic Partnership with Impact Investor Gray Matters Capital

Gray Matters Capital Launches its Accelerator Program ‘GMC Calibrator’

Chrysalis Raises Pre-Series A Funding from Impact Investor Gray Matters Capital

To use the funding to foray into the Affordable Private Schools (APS) segment


BENGALURU/ CHENNAI, 30th January, 2018: Chrysalis, incorporated as EZ Vidya Pvt. Ltd.,  a Chennai based educational reform organization, that has designed game changing products and solutions for schools has today announced that it has raised pre-series A funding from Indian education sector focused impact investor Gray Matters Capital.

Boutique investment bank Unitus Capital acted as an exclusive financial advisor to Chrysalis, while impact investment management firm CBA Capital supported Gray Matters Capital for this transaction.

The amount raised will be used by Chrysalis to build on its research and development, and to strengthen its multichannel approach to take its Education for Human Potential movement to every child in the country. This will further intensify their efforts to bring change in the education system by targeting K-12 schools, which have 250 million children enrolled of which 100 million are in the private school segment.

Betting on ‘Education for Human Potential’ Solutions to change India’s Education System


Chrysalis’ flagship product is ThinkRoom, a student-centric academic programme based on Human Potential framework which has been developed in-house through 16 years of intense pedagogic research. It aims to help every school student to discover his or her potential while developing academic excellence and replaces programmes and textbooks whose focus is limited to academic outcomes.


Chrysalis’ ThinkRoom offers a comprehensive solution to schools, including learning material with child focused curriculum, teacher assistant tools, student assessments and tech-enabled teaching and home learning applications.


In line with its goal of ‘Education for Human potential’ for every child, Chrysalis’ ThinkRoom, which currently caters to over 250,000 students in 500+ schools spread across 11 Indian states, will be reaching out to Affordable Private Schools (APS), which charge an average monthly fee of Rs. 1750 per student.


Last year, Chrysalis had introduced ‘Buzzle Cards’ that help impart core concepts of Mathematics and English using Augmented Reality through the Buzzle AR Beta app. The app animates images on the cards making the learning experience immersive for the student.


Gray Matters Capital had funded the development of this ‘Business Line innovation’ through its edLABS initiative. The strong team at Chrysalis and their innovative product convinced it to look at Chrysalis for a follow-on Pre-Series A funding.


Speaking about the alignment of the deal with Chrysalis’ mission of spearheading educational reform in India, Chitra Ravi, Founder and CEO, Chrysalis, said, “Our mission is to stand up for the child, by reforming the Indian education system in a way that every child realizes his/her human potential. In our estimation, we have more than 15,00,000 schools failing in this regard. We have established a roadmap to bring in a fundamental change in the system by engaging 5 principal mediums - policy makers, government schools, private schools, parents and public, by open-sourcing our intellectual property selectively. We are committed to this mission and were seeking investors who were aligned to it. We found the right fit in Gray Matters Capital, which has a vision to transform human lives using education as a medium.

“We see Chrysalis as one of the most innovative, mission driven and student centric educational enterprises in India, which has the potential of bringing about a tangible change in the way education is imparted in our schools. This investment is a validation of the work put in by Chitra and her team in addressing the critical need to improve quality across the education spectrum. We are proud to fund a woman led enterprise like Chrysalis” said Ragini Bajaj Chaudhary, India CEO, Gray Matters Capital, outlining the investment rationale.

Eric Savage, Co-Founder and CEO of Unitus Capital added, “We are privileged to have had the opportunity to work with Chrysalis on this fund raise. We believe in the vision that Chitra and her team has set out to create immense value in the education sector in India. Unitus Capital is proud to be associated with this transaction and we remain committed to ensure access to capital to the sector.” 

Notes to the Editor 

About Chrysalis 

Chrysalis is a Chennai based learning solutions provider to schools and children. It’s flagship product ThinkRoom is a progressive learning and assessment solution adopted by forward thinking schools, replacing existing pedagogy. Chrysalis is currently present in 11 states, in 500+ schools and ~250,000 students. For more information, visit

 About Gray Matters Capital 

Gray Matters Capital (GMC) is an Atlanta based impact investor with a mission to support "An education leading to a more purposeful life for 100 million women by 2036." In India, it invests in for-profit education ventures with a focus on access to affordable quality education and on employability leading to a future job ready workforce with 21st century skills. Investments in education focused funds; enterprises with break through solutions in education with its edLABS initiative; building markets through ecosystem development and providing value beyond capital through portfolio management constitute the key focus areas of its India strategy. To know more, visit  

About Unitus Capital

Unitus Capital is a boutique investment bank focused on raising debt and equity for impactful businesses across various sectors such as; microfinance, other financial institutions, affordable healthcare, affordable education, agriculture, renewable energy, technology and women empowerment. Till date, Unitus Capital has raised over USD 1.6 billion in debt and equity for approximately 80 social enterprises across India, Australia, Philippines and Cambodia. To know more about Unitus Capital, visit

About CBA Capital

Founded in 2013, CBA Capital is an impact investment management firm with focus on impact sectors – education and financial inclusion. It manages two funds IEIF and ECF. It also manages some early stage investments through its own proprietary pool.


Media Contacts

For Chrysalis

Dhivya Venkatesan

M: +91 7358585674



For Gray Matters Capital

Varun C Bhagath

M: +91 9967185027


Edtech Startup Add-On-Gyan Educational Services Launches India’s First 21st Century Skill Learning Platform – Kidovators

Backed by Impact Investor Gray Matters Capital’s edLABS initiative, the platform aims to impart critical 21st Century Skills such as Creativity, Critical Thinking, Complex Problem Solving and Collaboration among others for K-10 students

To create active engagement between Corporates and the K-10 student community wherein student insights as consumers can be used for product or service innovation

BENGALURU, 11th January, 2018: Add-On-Gyan Educational Services Pvt. Ltd., a Bengaluru based education-technology startup which has created programs and curriculums for K-10 schools in diverse areas such as STEAM (Science, Technology, English, Arts and Mathematics), Logical Thinking, and Entrepreneurship, has today announced the launch of KidovatorsTM  – India’s first 21st century skill learning platform.

KidovatorsTM has been backed by impact investor Gray Matters Capital through its edLABS initiative that provides very early stage funding to ‘visionary edu-preneurs’ to help build breakthrough solutions that address education gaps, 21st century skills and future of work for the Indian mass market.

Through this platform, school students of Classes IV to IX can acquire skills such as Creative Thinking, Critical Thinking and Complex Problem-solving by participating in gamified challenges and by availing online continuous learning programs geared towards inculcating core competencies necessary to create the workforce of the future.

Speaking on the sidelines of the ‘Kidovators Edu Summit’ where the platform was launched, Priyadeep Sinha, Founder and CEO, Add-On-Gyan Educational Services Pvt. Ltd. said,

“65% students entering school today will grow up to do work that does not even exist today. Various research reports highlight that skills such as creativity, critical thinking and adaptability are going to be key to the success of the future human capital. This means that the education system needs to morph itself to be one that can orient the students to this mode of thinking. We believe that the Kidovators Platform is one such spark that our education needs to ignite the minds of our future!”

Ragini Bajaj Chaudhary, India CEO, Gray Matters Capital said,

“Backing affordable breakthrough solutions of for-profit education ventures focused on inculcating 21st century skills and improving the learning outcomes of the students is in line with our investment strategy in India”  

Throwing light on the edLABS initiative, Smita Sircar, Innovation Director -edLABS and ecosystem, Gray Matters Capital said,

“Be it education startups who have an innovative idea and need early stage funding to pilot their product prototype or an established education enterprise looking for business line innovation, edLABS creates a nurturing environment for them to downscale into the affordable private education space. We are on the constant look out for entrepreneurs like Priyadeep who are mission driven to solve the toughest problems in education with their innovations applicable to not just India, but globally too.”


How the KidovatorsTM Platform Imparts 21st Century Skills

Creative Thinking Program 

A course for students of Classes IV - IX to help them tap into their existing creative skills & giving direction to it. Students are encouraged to look at or use objects and spaces from a completely different perspective. They also read about how some of the existing products and solutions we use today have come into being through applications of creative thinking and are introduced to tools and triggers to expand their scope of creativity.

To create the course, Kidovators has partnered with Erehwon, the 25 year old innovation consulting firm which pioneered the unique ‘Orbit-Shifting Innovation’ approach that has successfully moved leaders, teams & organisations across Europe, US & Asia-Pacific to create and execute Innovation led transformations.

Besides the course, the education-technology start-up has been conducting ‘Kidovators Creativity Olympiad: The Erehwon Challenge’ - India’s Biggest Creativity Olympiad to help students from Class IV to IX to hone their creative thinking skills.

Critical Thinking Program 

A program also for students of Classes IV – IX that is designed and built to help them understand how to form a decision or judgement based on unbiased and objective evaluation of facts. In this program students will learn the concepts of scientific method and logic for judgments and decisions are key not only at work but also in our day to day life. Critical thinking is also a key factor for decision making and students will learn how to critically evaluate each solution when multiple solutions are possible to a presented problem.

KidovatorsTM is also launching its Critical Thinking Olympiad in 2018 to help students build and grow their critical thinking skills.

Complex Problem Solving Program

With an objective of inculcating problem solving traits in students, this program helps students identify a problem area or a need and develop, analyse and implement their thoughts and ideas to solve the problem and cater to the need. Students are encouraged to also understand topics such as finance, marketing, execution hurdles, real world issues and are introduced to team building activities.

Through this program, KidovatorsTM as a platform will also be to create active engagement between Corporates and the student community to apply creative and critical thinking to some of the most pressing issues that our society faces as well as providing their insights into products as consumers & future customers!

Future Plans

The platform will be looking to add more challenges, courses and spotlight programs around Adaptability and Collaboration in the future.

“Kidovators is levelling the playing field by ensuring that kids from affordable private schools (APS) are provided with the exact same quality of learning on the platform as students from marquee schools of India.”, Priyadeep Sinha added.


Notes to the Editor

About Gray Matters Capital
Gray Matters Capital (GMC) is an Atlanta based impact investor with a mission to support "An
education leading to a more purposeful life for 100 million women by 2036." In India, it invests in for
profit education ventures with a focus on access to affordable quality education and on employability leading to a future job ready workforce with 21st century skills. Investments in education focused funds; enterprises with break through solutions in education with its edLABS initiative; building markets through ecosystem development and providing value beyond capital through portfolio management constitute the key focus areas of its India strategy.

About edLABS
edLABS is Gray Matters Capital’s newest initiative in India that provides very early stage funding to
‘visionary edu-preneurs’. The aim is to help build breakthrough solutions for Indian mass market that
address education gaps, 21st century skills and future of work. The innovative funding mechanism
(up to USD 150K) doesn’t bind the enterprise to debt obligation nor does it dilute the equity of the
founders. The pay back to edLABS is percentage of top line over next few years and is, therefore,
variable and dependent on enterprise scaling successful. Other than capital, edLABS provides global
view, advisory support, networks & scale. Since its inception in March 2017, edLABS has made 5
diverse investments in behaviour architecture, AR/VR curriculum, AI supported tuition platform,
vernacular MOOCs and creativity Olympiad for kids.

About Add-On- Gyan Educational Services Pvt. Ltd.
Add-On- Gyan Educational Services Pvt. Ltd. is a pioneering education-technology startup founded in
January, 2011 by Priyadeep Sinha and Sonali Gupta both of whom are graduates of Manipal University.

In the last seven years, it has worked with and impacted the lives of thousands of school students
from across India. With a core focus on 21st century skills education, it has created programs and
curriculums in diverse areas such as STEAM, Logical Thinking, and Entrepreneurship and is presently
focused on programs and curriculums in Creative Thinking, Critical Thinking and Complex Problem-

The company works closely with academia as well as industry as an innovation interface to bring the
most pressing real challenges to K-10 students in order to help them prepare for the future of work
and provide organizations with extremely relevant reports with insights from the future consumers
and human capital.

Media Contact
Gray Matters Capital
Varun C Bhagath
M: +91 9967185027 | E: