Study Abroad Platform Foreign Admits Raises INR 3.26 Crores The fresh funds will be diverted to enhance the tech platform and boost ongoing business development efforts
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Data-driven study abroad assistance platform ForeignAdmits announced the raise of INR 3.26 crore in an investment round. The investment was led by Unicorn India Ventures and saw participation from marquee investors like Beerud Sheth, Founder, Gupshup; Zishaan Hayath Founder, Toppr; and Keshab Panda, Former CEO, L&T Infotech, and SEA Fund.
The funds raised in the current round will be used to enhance the tech platform to provide better experience to the students and partners and ongoing business development efforts.
The leading investor, Unicorn India Ventures, has now become a repeat investor for the platform. The company earlier raised a seed round from UIV, which took its total funding to over $1 million.
The company was started in 2020 by IIT-Bombay alumni Ashwini Jain and IIT-BHU alumni Nikhil Jain. The Bangalore based educational platform offers personalized mentoring for students aiming to pursue higher education outside of India. It is part of Edument Consultancy Pvt. Ltd. ForeignAdmits claims that its business has grown 10 times in the past year, across various business growth parameters.
This is part and parcel because of the surge in the interest of Indian students planning to go abroad to pursue higher education over the past few years. Consulting firm RedSeer has predicted that the number of students planning to go abroad for higher education will reach 2 million by 2024.
Ashwini Jain, Co-founder CEO, ForeignAdmits, says, "With the use of technology, we aim to transform the overseas study industry with better, efficient and trusted technology products. This will also enable counsellors and agents to help students with a better admission and post admission experience."
The company aims to work with over 100,000 students over the coming year.
Anil Joshi, Managing Partner, Unicorn India Ventures, says, "ForeignAdmits has demonstrated a strong growth track record since we last invested in the company. As the world opens up and students look for higher education opportunities in top global universities, we want to back the company as it goes full steam ahead with foreign admission season.