homestartup NewsMasai School raises $10 million in Series B round led by Mithali Raj & Bhaichung Bhutia
Masai School raises $10 million in Series B round led by Mithali Raj & Bhaichung Bhutia
Ritu Singh of CNBC-TV18 spoke with Prateek Shukla, CEO and co-founder of Masai School, as well as Mithali Raj and Bhaichung Bhutia, about the company's growth trajectory, Mithali's plans for the IPL, and Bhutia's thoughts on what it will take to put Indian football on the global map.
Masai School, a JobTech institute, on Tuesday announced their latest fundraising, in which the company raised $10 million in a Series B round led by Omidyar Network India, with existing investors including India Quotient and Unitus Ventures, as well as Alteria Capital.
Mithali Raj, the face of women's cricket, and legendary footballer Bhaichung Bhutia both participated in the round as investors and partners.
CNBC-TV18's Ritu Singh spoke with Prateek Shukla, CEO and co-founder of Masai School, as well as Mithali Raj and Bhaichung Bhutia, about the company's growth trajectory,
Shukla said Bhaichung and Mithali are legends and will be an inspiration for our students. He also informed that the capital will be used in their existing programmes as well as to launch two new initiatives.
"Currently, we have an outcome-based organisation that focuses on graduates. We also want to work with college students."
In terms of potential acquisitions, he said, "We are not looking at any acquisitions. The emphasis will be on organic growth. We are forming a community of Masai school students who are inviting other students to join us. We don't need to spend a lot on marketing because we intend to grow organically."
When asked why he invested in Mithali Raj, Shukla said, "I've been an advocate for equal rights for men and women. Raj has led India for many years and has worked with a diverse group of athletes. Masai's scholarships, I believe, provide an equal playing field for all. These scholarships will assist women who are unable to fund themselves. It's fantastic if this scholarship helps women create an identity for themselves in some way."
Bhutia, who invested in Masai, thought the concept was fantastic because selected children did not have to pay a fee and Masai assisted them in finding jobs.
"This concept has been seen in football in other countries. India can also learn from what Europe has done with football scholarships. In Europe, they identify young talent, train them, and turn them into valuable assets for clubs, generating significant revenue. Capture them when they are young, train them, and turn them into investments for clubs, players, and the country," Bhutia said.
Raj said of a possible return to the women's IPL, "I kept all my options open as a player." “As a mentor and stakeholder, I want to keep my mind open. We need more concrete information about how the IPL bidding will work and how players will be auctioned off. Will call back in a few weeks with more solid details. It's fantastic that women's IPL will be held next year,” she said.
When asked if women's cricket has reached a tipping point with pay parity and the IPL, Raj responded, "Pay parity and the IPL for women are huge milestones for women's cricket in our country."
“It will take time for any change to occur as it does not occur overnight. Since 2017, the Women's Team has performed admirably, and the sport's popularity in India and around the world has skyrocketed. Our sports players have a fan base. Everything happens at the right time, and everything is working out. If women's cricket is to match men's, then this step will go a long way,” she said.
When asked why India hasn't made a name for itself in football, Bhutia stated that the biggest challenge at the grassroots level is finding good coaches, facilities, and competition for kids of various ages.
"It will be very difficult unless we give 10-15-year-old kids playing football at least one competitive match per week, and coaches to train."
According to Bhutia, "People involved in football, from the district to the state and federation levels, must have a strong desire to promote the sport."
Bhutia continued, "Cricket has taken all of the money, leaving little for football. The Women's IPL will also take money away from other sports. We must continue to fight and work. It's not about blaming cricket; we need to first clean our own house. We lack the knowledge and ideas to put it into action."
"We lack the necessary knowledge and ideas to put it into action. In comparison to their European counterparts, Indian football players receive little training. It will be difficult for football to grow if we do not produce players at the grassroot level," he added.
First Published: Nov 8, 2022 9:00 PM IST
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