Edtech Startup Oliveboard Raises INR 23 Cr Led By IAN Fund
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Bengaluru-based edtech platform in the government exam preparation space, Oliveboard, on Monday raised a pre-Series A funding of INR 23 crore. The round was led by IAN Fund with participation from Education Catalyst Fund (ECF) and Yukti Securities.
This funding will enable Oliveboard to expand its number of national-level courses and exams and to add state-level categories. The startup will further focus on investing in technology for interactive data-driven products which will lead to customized learning at a more granular level for individuals.
“There is no one-size-fits-all approach. We follow a personalized approach to learning that offers convenience and flexibility to aspirants preparing for government exams. Our key focus area is to provide data-driven personalized coaching to each learner based on their preparation levels for an exam. Given our success in the Banking & Insurance exam category, we are well-positioned to expand our offerings seamlessly into other newer and lesser served exam categories. We are thankful for the faith and support of IAN Fund, ECF, and Yukti Securities,” said Abhishek Patil, co-founder, Oliveboard.
Founders Abhishek Patil and V Satish Kumar’s identification of a huge gap in the accessibility of quality coaching and test preparation for government and quasi-government jobs in tier-II and tier-III cities led to the formation of the company in 2015.
The edtech platform focuses on the aspirational student base, provides access to affordable and high-quality coaching to graduates preparing for jobs in the government sector.
“The market size of the government job entrance exam preparation industry in India is estimated to be nearly INR 400 billion. Before March 2020, a large portion of this market was dominated by offline coaching institutes and the pandemic has been a catalyst in the adoption of online solutions. This market is bound to grow as the demand for test preparation has been stimulated by the increasing internet penetration in tier-II and tier-III cities in the country. We are delighted to see how EdTech startups like Oliveboard are combining their educational expertise with technology and helping thousands of aspirants in their preparation for government jobs,” added Sudipta Gautam, managing partner, IAN Fund.
The edtech platform currently supports 50 government exams. In the coming years, Oliveboard is planning to add over 100 various national and state-level exams to its bouquet of offerings.
Today, Oliveboard has over 8 million users spanning over 2500 cities and towns in India.