**SpeakX Seeks $15 Million in New Funding for AI-Driven English Learning**
SpeakX, an innovative startup focused on English language learning, is aiming to secure up to $15 million in a new funding round, according to sources familiar with the situation. Existing investor Elevation Capital has already committed to this round, with additional participation from US-based venture capital firm Goodwater Capital and global investment firm WestBridge Capital.
The funding is essential for SpeakX as it seeks to enhance its AI capabilities, which require substantial investment. The company, known for its voice-first learning platform that utilizes AI to teach conversational English, plans to allocate the funds primarily towards expanding its engineering team and advancing product development, particularly in the area of personalized AI agents. “Personalization is key for them, which is why they need custom AI agents for each user,” one insider noted.
Operating on a subscription model, SpeakX charges users ₹300 per month and has gained significant traction among users from tier-2 and tier-3 cities, particularly within lower-income demographics. The company reports profitability with an annual recurring revenue of $7 million and an EBITDA run rate of $3 million.
As multinational companies establish global capacity centers in smaller towns, there is a growing demand for English language skills among residents seeking better job opportunities. This funding round marks SpeakX’s first since its strategic pivot in 2023 from a hobby classes platform, YellowClass, which catered to children aged 3 to 12, to a dedicated English language learning service.
Founder Arpit Mittal has previously raised a total of $7.3 million, including $1.3 million in seed funding led by India Quotient and a $6 million Series A round led by Elevation Capital, with contributions from Titan Capital and First Cheque. This venture represents Mittal’s third entrepreneurial endeavor, following the establishment of property search platform Roofpik and edtech startup Edcited, which was acquired by Co-Cubes.
Despite challenges in the edtech sector, including the struggles of Byju’s and Unacademy, venture capital interest in personalized education solutions powered by AI remains strong. Recently, other edtech startups like Stimuler and SigIQ.ai have also secured significant funding, indicating a renewed confidence in the potential of AI-driven educational tools.
In conclusion, SpeakX’s upcoming funding round highlights the increasing demand for personalized English language learning solutions, particularly in India’s emerging markets, as the company positions itself for growth in a competitive landscape.
**FAQ**
**What is SpeakX and what does it offer?**
SpeakX is an AI-driven English language learning platform that focuses on teaching conversational English through a voice-first approach, primarily targeting users in tier-2 and tier-3 cities in India.
