Ingenium Raises Seed Funding From Lead Angels Network, IAN And Others The edtech startup will use the fresh funds to scale up its operations, strengthen adaptive assessment technology, improve product and expand the team
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Edtech startup Ingenium has raised an undisclosed amount of seed funding led by Lead Angel Network. IAN, an existing investor, has also invested in this round along with iAngels Network of India Accelerator, Faad Network, and Hem Angels.
The fresh funds raised will be utilized by the startup to further scale up its operations, strengthen adaptive assessment technology, improve product and expand the team.
The innovative startup is providing a SaaS platform to small and medium sized education institutes and helping them to grow and manage their business better.
"We are thrilled to have Lead Angels Network lead the current round and grateful for the continued support by our investors. This investment round will help us to scale our engineering and sales team, make our product seamless for our customers, and introduce new features and revenue streams," said Pramudit Somvanshi, chief executive officer, Ingenium.
Founded by IIT Roorkee graduates Pramudit Somvanshi, Mohit Patel along with IHM Mumbai alumnus Aakash Gupta in May 2018, Ingenium provides a state-of-the-technology, a white-labeled platform for coaching institutes, schools, home tutors and parents. Besides, Ingenium app boasts a combination of administrative, academic and marketing features.
"The pandemic has further accelerated the adoption of online education for all teachers and institutes. This is where Ingenium is helping the smaller players in technology adoption with cutting edge features. As investors, we see a lot of value creation through democratization of technology and providing a level playing field for smaller players in the education market. We are glad to back passionate Founders, who are bringing a change in the existing education system," remarked Kushal Khandwala, member, Lead Angels Network.
Expanding its reach, the Noida-based startup has connected over 150,000 students, 3,000 teachers in almost 100 cities all over India as of 30 April 2021. Furthermore, the startup's monthly recurring revenue increased fivefold in the last 2 months and it also witnessed the best ever sales during the month of April 2021.
"The in-depth knowledge of founders on the target customer segment and incorporating all the customer requirements in a single platform should help in hyper growth for the company. We see the company scaling rapidly as the platform becomes more robust," commented Kruti Raiyani, regional head, Lead Angels.
There are around six million small and medium institutes in India. The current COVID situation and rise of competitive edtech companies have compelled these institutes to adopt digitization. Ingenium is providing a full-stack digitization platform to these institutes where they can take their institute completely online and scale themselves.
Some of the key offerings of Ingenium platform include adaptive assessment, in-depth academic analysis, and real-time teacher-student-parent interaction. This holistic offering has also increased the adoption rate of the platform.
"Ingenium is empowering brick-and-mortar coaching centers across India with a digital platform that is helping continuity of education for K-12 cohort in multiple local languages and the full spectrum of socio-economic classes across the country. This is the best, easy-to-use tool in the hands of India's traditional shadow school system to help teachers and students alike. Ingeniun is targeting a billion-dollar business opportunity and aims to be among the leaders in this market in the coming years. We wish the founders good luck for their future endeavors," added Vikas Kuthiala, lead investor, IAN.
Ingenium will further work on strengthening partnerships with existing players in tier-II and tier-III cities. Additionally, the startup will be aggressively working on adding new revenue streams based on the B2B marketplace, content subscription, and adaptive assessments.
