[Funding alert] IAN invests Rs 3.5 Cr in edtech startup ConceptOwl
Seed-stage investment platform Indian Angel Network (IAN) on Monday announced it has invested Rs 3.5 crore in edtech startup ConceptOwl. The Thiruvananthapuram-based startup will utilise the funds to enhance and diversify its offerings, as well as to bolster its sales and marketing operations.
The round was led by prominent investors KRS Jamwal, Ankit Somani, and Mitesh Shah, along with Ankit Somani joining the company's board to further help the startup scale.
Founded in 2016 by Rajan Singh, an IITian-turned Police Commissioner-turned entrepreneur, ConceptOwl is dedicated to delivering online-in-classroom science and mathematics coaching, without teachers, to school students in Tier-II and Tier-III cities at affordable prices.
It looks to aim the large population of students living in semi-urban and rural areas across India, who are currently unable to locally access quality coaching to prepare for entrance exams. Further, these students also find it difficult to bear the expense of living in cities like Kota, Delhi, and Hyderabad in search of credible coaching opportunities.
Speaking on the investment, Ankit Somani, Lead Investor, IAN, said,
“On one hand, there are multiple coaching centres in India that follow the traditional in-classroom style of teaching. On the other hand, there are edtech teaching platforms that impart self-paced learning entirely through the digital medium. ConceptOwl combines the best of both worlds. It is this innovative model which assures us of the merit of our investment. We eagerly look forward to helping this high-potential startup to transform the Indian coaching landscape for the better.”
ConceptOwl curates the real-time interaction facilitated by in-classroom teaching and quality learning material on its digital platform.
Rajan Singh, Founder and CEO, ConceptOwl, explaining the product further said:
“Although online courses do exist, students mostly find learning in a classroom setting more comfortable. It is understandable as it is difficult to not get distracted by other functions of a digital device at such a tender age. It is here that ConceptOwl steps into the picture. We deliver quality education to students through a team of trained instructors and a vault of engaging video content at extremely affordable prices.”
ConceptOwl’s facility replaces teachers with trained local facilitators or instructors who use engaging video recordings of excellent, high-profile teachers to provide students with an exceptional learning experience. It also plans to build the largest doubt-solving repository of FAQ videos powered by AI and produce more engaging video-based content in Hindi and other vernacular languages.
“We are thankful for the support we have received from IAN. We will utilise the investment to further bolster the quality of our current offerings while bringing more vernacular languages into the scope of our services, and to boost our marketing and sales,” Rajan added.
In addition to building a digital repository of FAQs for students, ConceptOwl is also geared to launch a franchise program. As such, the company will consolidate small tuition centres onto its platform which will further strengthen its doubt-support program for both local students and those connected online.
Recently, IAN reported its full exit from car retailing platform Spinny, marking its third exit this year. In a statement, IAN had stated that the early investors from its platform had invested only Rs 1.67 crore, which has now multiplied well over three times in just three years.