[Funding alert] Edtech startup Ingenium raises seed round led by Lead Angels
The Noida-based startup is going to utilise the funds in scaling its operations, strengthen its adaptive assessment technology, improve its product, and expand the team.
Noida-based edtech startuprecently raised a seed round led by Lead Angels Network. IAN, an existing investor, has also invested in this round along with Faad Network, Hem Angels, and India Accelerator.
The startup is providing a SaaS platform to small and medium-sized educational institutions and helping them to grow and manage their business better.
“This investment round will help us to scale our engineering and sales team, make our product seamless for our customers, and introduce new features and revenue streams,” said Pramudit Somvanshi, CEO of Ingenium.
Founded in May 2018 by IIT Roorkee graduates Pramudit Somvanshi, Mohit Patel, and IHM Mumbai alumnus Aakash Gupta, Ingenium provides a state of technology platform for coaching institutes, schools, home tutors, and parents. Ingenium app boasts a combination of administrative, academic, and marketing features. In a short span, the startup claims to have connected over 150,000 students, 3,000 teachers in almost 100 cities all over India as of 30 April 2021.
“Ingenium is helping the smaller players in technology adoption with cutting edge features. As investors, we see a lot of value creation through democratisation of technology and providing a level playing field for smaller players in the education market,” added Kushal Khandwala, avid investor and member of Lead Angel Network.
According to the startup, there are around six million small and medium institutes in India. The current COVID situation and the rise of competitive edtech companies have compelled these institutes to adopt digitisation. Ingenium is providing a full-stack digitisation platform to these institutes where they can take their institute completely online and scale themselves. Some of the key offerings of Ingenium platform include adaptive assessment, in-depth academic analysis, and real-time teacher-student-parent interaction.
Ingenium said it will further work on forming partnerships with players in tier-II and III cities. Additionally, the startup will be aggressively working on adding new revenue streams based on the B2B marketplace, content subscription, and adaptive assessments.
“The in-depth knowledge of founders on the target customer segment and incorporating all the customer requirements in a single platform should help in hyper growth for the company. We see the company scaling rapidly as the platform becomes more robust,” said Kruti Raiyani, Regional Head, Lead Angels.
Edited by Megha Reddy