Tiger Global leads $20m series B extension of Singapore edtech firm

Cialfo, a Singapore-based edtech startup, has raised another US$20 million in series B funding led by US-based investment firm Tiger Global after it raised US$40 million in January this year.

In total, the company has raised US$77 million in funding to date. VentureCap Insights pegged the firm’s valuation at around US$230 million.

(From left) Cialfo founders Stanley Chia, Rohan Pasari, and William Hund / Photo credit: Cialfo

Founded by Rohan Pasari, Stanley Chia, and William Hund in 2017, Cialfo is a software-as-a-service firm that simplifies the career exploration and college search process by connecting high schoolers, counselors, and colleges. It charges annual subscriptions for education institutions, while keeping the platform free for students.

The firm currently has 270,000 active students on its platform, with around 70% of them coming from India, Southeast Asia, and China. It also has more than 1,000 colleges in 50 countries using its platform.

Cialfo plans to use the fresh funding to develop its product, enhance its marketing initiatives, hire new employees, and explore strategic acquisition opportunities.

Investor interest

When Pasari signed the term sheet for the initial US$40 million series B funding, which was led by Square Peg and Seek Investments, he said Tiger Global quickly approached him to join the round.

“I said, the round is over. The round is also oversubscribed, as we initially only wanted to raise around US$20 million. I told them to enter the next round in the next six to 12 months,” Pasari told Tech in Asia.

However, Tiger Global insisted on investing in the same round, so the co-founder accepted the request and signed another term sheet after a “quick” due diligence process from the VC firm.

See also: Series SEA: Who’s investing in the region’s education startups?

While Cialfo isn’t profitable right now, Pasari said it has healthy gross margins and unit economics and that the company “can be profitable as soon as next year if we want.”

In 2022, the company plans to add more features, such as direct application capabilities in mobile devices, and career journey path that can help students in determining their future. It also wants to capitalize on its historical data on student acceptance at various universities and turn it into career suggestions for new users.

Cialfo currently has more than 200 employees – a third of them work in product development, another third in marketing, and the rest in customer support and operations. Of its headcount, Pasari said 51% are women.

Inspired by experience

Having been born and raised in Calcutta, Pasari said that he had no idea how to apply for universities in other countries when he was a student. Fortunately, two universities from Singapore – Nanyang Technological University (NTU) and the National University of Singapore – came to his high school. He ended up getting a scholarship from NTU and becoming an engineering major.