[Funding alert] Lucknow-based EduGorilla raises Rs 5.3 Cr from Auxano Entrepreneur Fund, others
Lucknow-based edtech startuphas announced that it has raised about Rs 5.3 crore ($726,000) from SEBI— Cat 1 Angel Fund — Auxano Entrepreneur Fund along with a group of angels led by Venture Garage – SucSEED Venture Partners, Pune Angels, Hem Angels, and VG Angels.
Founded in December 2016, EduGorilla offers multi-language online test series for various competitive exams. The funds will be used by the startup to strengthen its marketing and sales functions for an array of its offerings.
Commenting on the fund raise, Rohit Manglik, Founder and CEO, EduGorilla, said:
"The funding strengthens our resolve to be a formidable pillar of support to students through our top-notch content and leveraging of cutting-edge technology. It will be deployed to step up our marketing and sales efforts to cater to the recent surge in users."
"Over 7.5 crores applicants appear for state-level competitive examinations in India every year that is an untapped opportunity for us. Approximately 93 percent of our target audience hails from rural India and barely knows English," he added.
EduGorilla has developed an AI-powered demand and prediction algorithm to analyse the operational profitability of various competitive examinations. Apart from Lucknow, EduGorilla is currently present in cities like Delhi, Jaipur, Indore, and Ahmedabad.
According to a statement by the company, EduGorilla aims to reach six-seven lakh daily users from the existing 70,000. It also aims to develop content for over 3,000 competitive examinations in nine vernacular languages with the help of fresh capital.
EduGorilla claims to have witnessed a 100 percent surge in sales during the pandemic due to the spike in digital learning during the COVID-19 lockdown.
“With digital being the approach and EduGorilla with its product knowledge and positioning, is poised to tap the opportunity in the competitive examination space. With its expertise in the vernacular language (five and growing) examinations, will only add to its market leadership position,” said the leadership team of Auxano Entrepreneur Fund.