HDFC Chairman Deepak Parekh denies reports, says didn't invest in Eduisfun

Mumbai-based edtech startup Eduisfun Technologies Pvt. Ltd. on Tuesday said it received investment of Rs 200 crore from angel investors as well as high networth individuals (HNIs), reportedly including Bollywood megastar Amitabh Bachchan and HDFC Chairman Deepak Parekh. However, Parekh has denied making any such investment (read clarification at the end of page). Eduisfun`s STEPApp, a gamified learning app, was unveiled earlier this month by the company`s Founder CEO Praveen Tyagi The app works on the most basic smartphone with minimal data requirement.

The pricing is such that it is accessible to most people in India, Eduisfun said, adding that STEPapp`s vision is to provide universal access to quality education to every child in the country via technology.

"The future of our country lies in the education of our children. Praveen Tyagi`s STEPapp has made learning interesting and rewarding for students. Teaching children through games is an innovative step. My best wishes are with Tyagi`s team comprising 400 IITians, who have helped create an innovation like STEPapp," Bachchan said on unveiling of the app.

Through its gamified format, STEPapp aims to give children conceptual clarity in math and science.

Eduisfun offers high-quality content for Class 1 to Class 10th CBSE/ICSE/SSC and Olympiad.

Besides Tyagi who is an alumnus of Indian Institute of Technology Delhi (IIT Delhi), the core team of Eduisfun includes Jatin Solanki, an alumnus of IIT Bombay; Sandeep Singhal, an alumnus of IIT Roorkee and Gaurav Goyal, an alumnus of IIT Delhi.

"Accessible to every child in the country, anytime and anywhere, STEPapp inspires students, engages parents and empowers educators, to ensure that students achieve their full potential. Our Student Talent Enhancement Program (S.T.E.P.) will help create a bank of meritorious children, who will be the assets and future of our country," Tyagi said in a statement.

Deepak Parekh statement

In a statement, Parekh  categorically  stated that neither he nor any of his family members have invested in this fund and the news item is misleading.