Edtech startup Edvizo Secures $1 Mn In Pre-Series A Led By Inflection Point Ventures
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Bengaluru-based edtech startup Edvizo announced on Monday to have raised $1 million in a pre-Series A round led by angel investment platform Inflection Point Ventures.
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, more than 57,500 enrolments and over 120,000 registered users on their platform.
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 honored to receive the support of the Hon’ble Union Education Minister to carry on its initiatives.
“Education is a serious business. Every year parents spend millions of dollars to find excellent schools, coaching institutes, and counselors for their children. Students too continuously look for guidance and support, either within their network or seniors. Edvizo has successfully organized a big chunk of this grind by bringing in a systematic and 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,” said Vinay Bansal, founder, and chief executive officer, Inflection Point Ventures.
Edvizo aspires to re-invent India's educational institutions by helping students and parents find, compare and enroll 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. With Edvizo, more than 80,000 students have already participated in this exam. In January 2021, over 1.5 lakh students from over 280 cities registered for the test, to secure the total scholarship prize of INR 5 crore
Edvizo rigorously verifies data of all coaching institutes before bringing them on the platform. This is ensured by making personal visits to the institute with all checks & balances before it goes up on Edvizo platform. To guarantee the authenticity of the data and trust among its users, the data is updated every three months, bringing additional options for the users to choose from.
“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 a tech and business perspective and also enable us to scale exponentially. We are fortunate to have such ambitious, visionary investors on board with us,” added Ravi Nishant, founder, and chief executive officer, Edvizo.
More than 9 crore students take the help of private coaching and tuition. With this, the current size of the private coaching industry in India stands at $90 billion with a record growth rate of 35 per cent.