Edtech firm ByteXL raises $9 million in funding round led by Elevar Equity
Existing investors Kalaari Capital and the Michael & Susan Dell Foundation also participated in the round
Edtech firm ByteXL has secured $9 million in a series B funding round led by Elevar Equity, with Kalaari Capital and the Michael & Susan Dell Foundation as additional investors. The company, founded by brothers Karun and Sricharan Tadepalli, aims to expand its reach across India and enhance its AI-led learning tools. Currently operating in 10 states with 60 colleges and 200,000 students, ByteXL plans to increase its presence to 15 states, serving 120 colleges and 500,000 students within two years.
The funding will be utilized for market expansion, technology development, and building its educator network. A significant focus will be on AI-enabled learning, including the development of AI coaches/mentors and generative AI tools like Claude for student learning. The Hyderabad-based company, valued at $20 million pre-money, was last funded in July 2024 with $5.9 million in a Series A round led by Kalaari Capital. ByteXL is currently profitable at EBITDA and expects to achieve net profitability this year.
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