[Funding alert] KopyKitab raises undisclosed amount from institutional and angel investors
Bengaluru-based edtech startuphas raised an undisclosed funding amount from a clutch of institutional and angel investors.
The investors include the likes of Pacatolus (Singapore), Stanford Angels (led by Paula Mariwala), and other angel investors such as Praveen Gandhi, Jeenendra Bhandari, Mohit Dubey, and Manoj Mehta.
This startup will use this fundraise to further improve its technology platform and enlarge its scope within the ecosystem. It offers personalised and virtual learning for higher education and competitive exams.
KopyKitab, founded by Sumeet Verma and Amit Shrivastava, earlier raised $2 million from CBA Capital, Pacatolus and other angel investors.
The startup claimed that it has user base of five million — with six million app downloads — and recorded a growth rate of 200 percent over the last six to seven months.
KopyKitab CEO and Co-founder Sumeet Verma said, “There are 40,000 institutes in India with 60 percent plus gap in quality faculty and curated content in a highly scattered market. KopyKitab has witnessed a massive growth, with changing consumer behaviour due to the pandemic, and 68 percent of the traffic coming from Tier II and Tier III towns validates our business model. Our aim is to address the underserved market of higher education.”
He said the support from the investors will further strengthen its performance metrics and enable it to reach its target of 10 million users by year end.
KopyKitab claimed that it has witnessed massive growth in its platform as education moved online since March. The monthly active users (MAU) and paid users have grown 3x. The minimum average reading time on the platform is now 25 minutes per session with 80 percent repeat traffic.
Angel investor Praveen Gandhi said, “We believe in the model of KopyKitab and that’s why we have backed the team from their early days. Unlike other edtech players, KopyKitab focuses on demands from the students’ side and works to give them what they need to further excel in their studies and outcomes. That makes them very student centric platform.”