ixamBee Raises $300,000 In Seed Round From JITO Angel Network, Mumbai Angels And Others
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Online government exam preparation platform ixamBee, focused on rural and semi-urban students, on Wednesday, announced that it has raised $300,000 in seed funding.
The round was co-led by Jain International Trade Organisation (JITO) Angel Network, a worldwide organization providing opportunities for investment in early-stage startups, and Mumbai Angels, India’s premier platform focused on new venture investing.
Existing investors including Keyur Joshi, co-founder, MakeMyTrip, also participated in the current round.
“Team ixamBee is going to immensely benefit from the experience and network of JITO Angel Network. We are thankful for the belief placed in us by our existing investors. We are confident that with their support, we will become a catalyst in the government exam preparation space while building synergies with online-offline collaboration and reaching the students in the remotest corners,” said Chandraprakash Joshi, founder, ixambee.
With this infusion of funds, ixamBee will enhance its offerings by investing in technology for richer customer experience and in developing content for courses for various government jobs. The funds will also be utilized to increase the reach of ixamBee through various marketing channels and also spread exam awareness amongst prospective applicants, many of whom miss opportunities, due to lack of knowledge/information on such government job exams.
“ixamBee is aiming to get relevant exam preparation material for students preparing for government competitive exams through online medium. This makes the platform accessible for tier-III and tier-IV students offering them quality courses at the ease of their home. Also, the free practice test series available on ixamBee also helps the economically weaker section. We believe that such initiatives by ixamBee will help millions of students and will be a game-changer in the industry,” shared Narendra Shyamsukha, deal lead member JITO Angel Network, and founder, ICA Edu Skills.
This Noida-based startup provides technology-based learning solutions for competitive exams to groom the new generation of smart learners. The platform optimizes learning by offering easy learning material like mock tests, online test series, online practice tests, and speed tests series to help students prepare for banking & insurance exams, exams conducted by SSC, exams by Railways, Teaching exams, and various government and other exams in the most comprehensive way possible.
“Digitisation has brought a huge transition in the education landscape. We are happy to welcome ixamBee as our 38th portfolio company. With such investments, we will continue with our efforts to support the Indian government in its mission to flourish rural education and encourage rural youth in near future,” added Sunil Kumar Singhvi, vice chairman, JITO Angel Network.
Considering the recruitment season has re-started after a pause during the COIVD-19 lockdown, with this funding, ixamBee is well placed to accelerate growth to the next level. About 50 million applicants appear for various government job exams every year and most of them come from tier 2-3 towns and villages. ixamBee is the only platform that provides online mock tests free for more than 50 such exams and provides a complete online learning experience starting from career guidance to interview preparation.
Since its launch in April 2017, 6.5 million students have been benefited from ixamBee for the preparation of government exams. During the last year, ixamBee observed accelerated growth in paid students and revenue.