[Funding alert] Govt exam preparation startup ixamBee raises $300K in seed round
, an online government exam preparation platform specifically focused on rural and semi-urban students, said it has raised $300,000 (Rs 2.5 crore) in seed funding.
The round was co-led by Jain International Trade Organisation (JITO) Angel Network, a worldwide organisation providing opportunities for investment in early-stage startups, and Mumbai Angels, a platform focused on new venture investing.
Existing investors including Keyur Joshi (Co-founder, MakeMyTrip) also participated in the round.
Chandraprakash Joshi, Founder of ixamBee, said,
“Team ixamBee is going to immensely benefit from the experience and network of JITO Angel Network. We are thankful for the belief placed in us by our existing investors. We are confident that with their support, we will become a catalyst in the government exam preparation space while building synergies with online-offline collaboration and reaching the students in the remotest corners.”
The Noida-based startup provides technology-based learning solutions for competitive exams to groom the new generation of smart learners. The platform optimises learning by offering easy learning material like mock tests, online test series, online practise tests, and speed tests series to help students prepare for banking and insurance exams, exams conducted by SSC, exams by Railways, teaching exams, and various government and other exams in the most comprehensive way possible.
With this infusion of funds, ixamBee will enhance its offerings by investing in technology for richer customer experience and in developing content for courses for various government jobs. The funds will also be utilised to increase the reach of ixamBee through various marketing channels and also spread exam awareness amongst prospective applicants, many of whom miss opportunities, due to lack of knowledge/information on such government job exams.
Narendra Shyamsukha, Deal Lead, JITO Angel Network member; and Founder, ICA Edu Skills said,
“ixamBee is aiming to get relevant exam preparation material for students preparing for government competitive exams through online medium. This makes the platform accessible for Tier-III and IV students, offering them quality courses at the ease of their home. Also, the free practice test series available on ixamBee also helps the economically weaker section. We believe that such initiatives by ixamBee will help millions of students and will be a game-changer in the industry.”
Since its launch in April 2017, 6.5 million students have been benefited from ixamBee for the preparation of government exams. During the last year, ixamBee claims to have observed accelerated growth in paid students and revenue.
According to the startup, about 50 million applicants appear for various government job exams every year and most of them come from Tier II and III towns and villages. ixamBee provides online mock tests free for more than 50 such exams and provides a complete online learning experience starting from career guidance to interview preparation.