[Funding Alert] Bengaluru-based Edvizo raises $1M in pre-Series A round led by Inflection Point Ventures
July 19, 2021, Updated on : Mon Jul 19 2021 07:54:36 GMT+0000
Bengaluru-based edtech startup Edvizo on Monday said it raised $1 million in a pre-Series A round led by Inflection Point Ventures.
According to the official statement, the proceeds will be deployed for enhancing the technology stack, acquire more users, strengthening the tech and sales team, and expand to more cities.
Founded in 2018, Edvizo offers an online marketplace to search, compare, and enrol in the best coaching institutes for competitive exam preparation. The startup enables coaching institutes to onboard more students through its platform by making them put less effort, time, and money into marketing and branding.
Edvizo claims to be working with 2,950 institutes, over 57,500 enrolments, and more than 1,20,000 registered users on its platform.
“The current fundraise comes at a crucial point in our journey as we are seeing significant traction - both on the students and courses providers' side. The funds raised will help us grow our capabilities both from a tech and business perspective and also enable us to scale exponentially. We are fortunate to have such ambitious, visionary investors on board with us,” said Ravi Nishant, Founder and CEO, Edvizo.
Edvizo aims to help students find the right coaching institution to prepare for competitive exams. It claims to verify data of all coaching institutes by visiting and checking them first-hand before onboarding them on the platform. The data on the coaching institutes are updated every three months.
Before this, Edvizo was a part of Facebook’s startup programme in 2019 and was the winner of IIT Guwahati’s National Level Startup Competition in 2020. It also received due recognition from the Deputy CM of Karnataka and has received support from Hon’ble Union Education Minister to carry on its initiatives.
Speaking about the investment, Vinay Bansal, Founder and CEO, Inflection Point Ventures, explained that Edvizo has brought in a systematic and marketplace approach to finding the best institutes.
“Education is a serious business. Every year, parents spend millions of dollars to find excellent schools, coaching institutes, and counsellors for their children. Students, too, continuously look for guidance and support, either within their network or seniors. Edvizo has successfully organised a big chunk of this grind by bringing in a systematic and marketplace approach for selecting the best institutes. This is our second round of investment in Edvizo as we are excited to see the scale they have achieved in the last year and want to back them for their growth plans,” Vinay said.
Edited by Suman Singh