Bengaluru-based edtech startup Edvizo has raised $1 million in a Pre-Series A led by Inflection Point Ventures.
The funds raised will be used to enhance the technology stack, acquire more users, strengthening the tech & 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 its platform, a release said.
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. Along with this, the startup has received due recognition by Deputy CM of Karnataka and has also been honoured to receive the support by Union Education Minister to carry on its initiatives.
Inflection Point Ventures Founder and CEO Vinay Bansal said, “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 continously 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,” he added.
In the private coaching and tuitions market, students face the central dogma of getting complete and accurate information about any coaching institute in today’s misleading branding and advertising era.
Edvizo aspires to re-invent India’s educational institutions by helping students and parents find, compare and enrol in the best and trusted private institutes in their locality and at the same time, helping institutes to find the best students through their standardized testing ‘NLCEE – One Nation, One Exam’ model, the only admission test in India accepted by thousands of coaching classes for giving admission to students.
With Edvizo, more than 80,000 students have already participated in this exam. In January 2021, over 1.5L students from 280 cities registered for the test, to secure the total scholarship prize of Rs. 5 crore
Edvizo Founder & CEO Ravi Nishant said, “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.”
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%.