Shikho Raises $1.3M Seed Funding for Bangladeshi Students

Shikho Secures $1.3 Million Seed Funding to Expand Accessible Education in Bangladesh

In Bangladesh, supplemental learning is frequently sought by students through after-school programs, though these resources are often concentrated within major urban centers. Edtech startup Shikho was established to broaden access to, and reduce the cost of, this crucial supplementary education. The company recently announced the successful completion of a $1.3 million seed funding round.

Investment Details

This funding round was co-led by LearnStart, the seed fund of Learn Capital, and Anchorless Bangladesh, both of whom are returning investors. Participation also came from Wavemaker Partners and Ankur Nagpal, the founder and CEO of the online course platform Teachable.

Prior to this, Shikho secured $275,000 in pre-seed funding last year, also from LearnStart and a group of strategic angel investors.

Focus and Curriculum

Launched in April 2019, Shikho currently concentrates on students in grades 9 through 12. Future plans include expanding content availability to encompass grades 6 through university level, as well as continuous education programs.

The learning materials offered by Shikho are developed by experienced educators and subject matter specialists, and are directly aligned with the Bangladeshi National Curriculum. Student engagement is enhanced through the incorporation of gamification elements, such as points, leaderboards, and virtual rewards.

Founding Team

Shikho was founded in April 2019 by Shahir Chowdhury, the current CEO, who brings a background in finance and business, including a prior role as a director at HSBC UK’s Private Bank. Zeeshan Zakaria serves as the chief operating officer, having transitioned from a career in finance to become a mathematics educator.

Both founders previously resided in Dhaka before pursuing their university education in the United Kingdom.

The Genesis of Shikho

Even while working in the financial sector, Chowdhury aimed to establish a business with a positive social impact within Bangladesh. Initially, he explored opportunities in fintech, but recognized the existing presence of numerous organizations focused on financial inclusion, such as bKash.

His attention then shifted to education, influenced by his parents – his father is a retired professor and his mother remains an active high school teacher. A subsequent client report concerning the growth of Indian and Chinese edtech companies, like Byju’s and Toppr, further solidified this direction.

Addressing a Market Need

“I sought to understand the factors driving the success of edtech in those markets and why a similar model was absent in Bangladesh,” explained Chowdhury. “My analysis revealed no inherent barriers to its implementation in Bangladesh. The country possesses a large population – approximately 165 million – with roughly half under the age of 25, representing a significant demographic opportunity.”

Chowdhury then enlisted Zakaria to spearhead the development of Shikho’s academic programming, with the goal of delivering the Bangladesh National Curriculum in a more engaging and effective manner.

A Modern Approach to Learning

“The core syllabus hasn’t seen substantial changes since my father was in grade 10,” Zakaria noted. “While I cannot directly influence curriculum changes, I can revolutionize its delivery. We are introducing a pedagogical experience unlike any previously seen in Bangladesh.”

Shikho was launched shortly before the onset of the COVID-19 pandemic, but this did not alter its product development trajectory, as it was always designed as an online learning platform.

Content and Features

The company collaborates with educators to create content, including animated videos that break down complex topics into concise segments of approximately six minutes each, allowing students to learn at their own pace. These videos are complemented by digital resources, known as smart notes, designed to replace traditional textbooks, and practice questions with comprehensive solutions.

While Shikho’s primary video content is pre-recorded, live classes will be introduced for both the app and web portal within approximately six weeks. The new funding will facilitate the scaling of content production, including the development of an app specifically for parents.

Motivating Students Through Gamification

Maintaining student motivation is a key challenge for online learning platforms. Chowdhury stated that Shikho’s gamification system draws inspiration from the Nike Run Club app. Just as Nike Run Club users earn points for completing runs, Shikho awards points for activities such as logging in, completing tests, and watching videos.

These points contribute to a tiered system, ranging from beginner to “legend,” with special badges awarded for achievements like completing tests quickly and accurately.

A leaderboard component allows students to compare their point totals with peers at their school or across the entire Shikho user base.

Freemium Model and Future Growth

The app is currently available for free for a seven-day trial period. A key objective of the new funding is to expand the availability of freemium content to increase the conversion rate of users to paying customers. Chowdhury reports that paying users demonstrate high engagement, typically spending 45 to 50 minutes daily within the app.

Shikho intends to intensify its user acquisition strategy, including deploying offline sales teams to engage with schools, following the launch of the parent app later this year.

“Students are the primary users, but their parents are the ultimate purchasers, so we recognize the need to adapt our communication strategy to target parents effectively,” Chowdhury explained. “This funding round is specifically designed to support that transition.”

Industry Perspective

Rahat Ahmed, founding partner and CEO of Anchorless Bangladesh, commented on the investment, stating, “Bangladesh exhibits one of the highest proportions of private education expenditure relative to disposable income globally, yet it lags behind countries like India and Indonesia in terms of edtech funding. The market is poised for significant growth, and we are confident that the Shikho team is well-positioned to lead this charge and elevate the standard of education.”