Bengaluru-based edtech startup Edvizo has raised $1 million in a Pre-Series A led by Inflection Point Ventures, one of the largest angel investment platforms in India.
The funds raised will be used to enhance the technology stack, acquire more users, strengthening the tech and sales team and expansion to more cities. Edvizo has tie-ups with 2,950 institutes, 57,500+ enrolments and 1,20,000+ registered users on their platform.
More than 9 crore students take help of private coaching and tuitions. With this, the current size of the private coaching industry in India stands at $90 billion with a record growth rate of 35 percent.
Edvizo has been a part of Facebook’s Start-up Program in 2019 and was the Winner of IIT Guwahati’s National Level Startup Competition in 2020.
Ravi Nishant, Founder and CEO, Edvizo and a dropout from IIT Guwahati says, “The current fundraise comes at a crucial point in our journey as we are seeing significant traction - both on the students and courses’ providers side. The funds raised will help us grow our capabilities both from tech and business perspective and also enable us to scale exponentially. We are fortunate to have such ambitious, visionary investors on board with us.”
Vinay Bansal, Founder and CEO, Inflection Point Ventures says, “Education is a serious business. Every year parents spend millions of dollars to find excellent schools, coaching institutes and counsellors for their children. Students too continuously look for guidance and support, either within their network or seniors. Edvizo has successfully organised a big chunk of this grind by bringing in a systematic and a marketplace approach for selecting the best institutes. This is our second round of investment in Edvizo as we are excited to see the scale they have achieved in the last one year and want to back them for their growth plans.”
Launched in March 2018, the Bengaluru-based edtech startup provides students and parents an online marketplace to search, compare and enrol in the best institutes for competitive exam preparation. It enables coaching institutes to get more students through their platform by making them put less effort, time and money on marketing and branding.
Inflection Point Ventures is a 3800+ strong members angel investing firm that supports new-age entrepreneurs, providing them monetary and experiential capital by connecting them with a diverse group of investors. Started in 2018 with plans to invest Rs 155 crore in 2021 across 60 startups, its IPV’s investors’ base is seeing a massive influx of highly accomplished CXOs and HNIs, looking to invest in startups with rational valuation and sustainable business model, it said in a press statement.