Bangalore-based early stage ed-tech startup Edvizo has raised $150,000 (more than Rs 1.13 crore) in seed round funding from Inflection Point Ventures. This is the venture’s first institutional investment while IPV has closed its 8th investment in the last 60 days.
Edvizo acts as an online marketplace to search, compare and enroll in the best institutes for competitive exam preparation. It enables coaching institutes to get more students through their platform thereby helping them reduce their expenses on marketing and branding and invest more in acquiring top teaching talent.
Edvizo has associated with 2650 institutes already and has over 50,000 registrations on its platform. The venture intends to utilise these funds to strengthen its technical & sales team, along with acquiring more users and expanding to more cities.
"We are excited to work with IPV to continue building and rolling out our ed-tech platform at another level. Since the education sector is undergoing an enormous transformation due to the COVID-19 lockdown, most of the institutes are currently facing a lot of difficulties from conducting online classes to getting students for their new session. We are trying to tap into this opportunity," Ravi Nishant, Founder & CEO, Edvizo, said.
IPV has been investing in startups in sectors like health tech and ed tech among others to help companies working in these areas scale up and help people manage the COVID situation.
Vinay Bansal, Co-founder and CEO, IPV, said, "Most ed tech startups are going after the school, universities or directly to students kind of a market. But the coaching institute market is an untapped opportunity which Edvizo seems to be capitalising quite well. Their understanding of the market, pain points faced by the coaching institutes and application of tech in solving those issues has put them in the market very well. We are happy to back a very unique, an already profitable business model, being run by a passionate founding team. We look to support the business in its growth journey."
Edvizo plans to up its tech prowess to continuously improve data quality which would help them get on-board credible institutes. The company currently has a layered process to filter an institute and bring it on-board. Institutes are brought post personal visits and checks & balances, guaranteeing authenticity and building trust among the users.
In India, more than 71 million students take help of private coaching and tuitions, pursuing mainstream education system parallelly. A Google-KPMG report mentions that the current size of private coaching industry in India stands at $40 billion, along with a record growth rate of 35%. Edvizo hopes to tap this potential market with its current and upcoming offerings.
Inflection Point Ventures is an initiative of CXOs & Angel Investors who firmly believe that ‘Everyone can Grow with Startups’. Started in 2018, IPV has invested more than Rs 100 crore across over 35 startups.