Bengaluru-based early stage edtech startup Edvizo has raised over $150,000 in seed round funding from Inflection Point Ventures. The startup plans to utilise these funds to strengthen its technical and sales team, besides acquiring more users and expanding to more cities.
Launched in March 2018, Edvizo acts as an online marketplace to search, compare, and enroll students in the best institutes for competitive exams preparation. It has enrolled more than 50,000 students from across India on its platform and tied up with more than 2,500 coaching institutes in five cities — Kota, Hyderabad, Pune, Patna, and Guwahati.
Ravi Nishant, Founder and CEO, Edvizo says, “We are excited to work with IPV to continue building and rolling out our edtech platform at another level. Since the education sector is undergoing an enormous transformation due to the COVID-19 lockdown, most of the institutes are currently facing a lot of difficulties from conducting online classes to getting students for their new session. We are trying to tap into this opportunity.”
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Started in 2018, IPV has invested more than Rs 100 crore across 35+ startups. It has been investing in startups in sectors like healthtech, edtech, delivery, social distancing tech to help companies working in these areas scale up and eventually create a large scale impact for helping people in managing the COVID-19 situation. This is the venture's eighth investment in the last 60 days since the coronavirus outbreak started.
Commenting on the investment, Vinay Bansal, Co-founder and CEO, IPV, said, “Most edtech startups are going for the school, universities or directly to students kind of a market. But the coaching institute market is an untapped opportunity which Edvizo seems to be capitalising quite well. Their understanding of the market, pain points faced by the coaching institutes and application of tech in solving those issues has put them in the market very well. We are happy to back a very unique, an already profitable business model, being run by a passionate founding team.”
Edvizo enables coaching institutes to get more students through their platform thereby helping them reduce their expenses on marketing and branding.
(Edited by Javed Gaihlot)
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