[Funding alert] Edtech startup byteXL raises $200,000 in angel round
US-based edtech startup, which has its India office in Hyderabad, has raised $200,000 in angel round from Joseph Joy, President of Joy Family Investments from the USA, along with others.
The upskilling startup will use the funding to enhance content, improve product portfolio, and grow its sales and marketing team, among other things, according to a release shared by the startup.
The startup said it is also looking to expand its India operations to Maharashtra, Karnataka, Punjab, and other northern parts of India.
Karun Tadepalli, CEO & Co-founder, byteXL, said, "We are elated with the investor belief in our vision to create an ecosystem which will help streamline the online education sector in India. In the next 10 years, India is likely to employ 16 million engineers and currently about 93 percent of engineering graduates in India are not equipped enough to enter the IT industry. That’s the reason byteXL is aiming to increase the employability quotient of the country by enabling IT career readiness in students from day one of their graduation. Emerging technologies assistance from industry experts will help the graduates to enter their first job with adequate skills and training for the job will speed up their onboarding process.”
The edtech platform provides new skills and upgrades exisiting ones among its users. byteXL claims to have a 78 percent renewal rate and is active among 42,000 students across 55 colleges. The platform's engagement rate stands at 75 percent, it said.
“Edtech is an important aspect of an educational institution, and we are confident that the domain knowledge, which the byteXL team has, is worth appreciating. The technical ability and contribution by byteXL will help the platform bridge the gaps in the current edtech ecosystem with its inventive approach to make e-learning possible and to become a strong market player in the space in the coming years,” said Joseph Joy, President, Joy Family Investments.