Bangalore-based Edvizo, an early stage ed-tech startup, has raised over $150,000 in a seed round from Inflection Point Ventures (IPV). While the startup raised its first institutional investment, IPV closed its 8th investment in the last 60 days, since the covid-19 outbreak.
Edvizo acts as an online marketplace to search, compare and enroll in the best institutes for the preparation of competitive exams. The startup helps coaching institutes cut expenses on marketing, branding and invest more in acquiring top teaching talent.
Edvizo has associated with 2650 institutes, along with over 50,000 registrations on its platform. The startup intends to utilize these funds to strengthen the technical & sales team, besides acquiring more users and expanding to more cities.
The company plans to enhance its tech prowess to improve data quality which would help them on-board credible institutes. The startup currently has a layered process to filter an institute and bring it on-board. Institutes are onboarded post personal visits and checks & balances, guaranteeing authenticity and building trust among the users.
Ravi Nishant, Founder & CEO, Edvizo said, “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.”
IPV has been investing in startups in sectors like health tech, ed tech, delivery, social distancing tech to help companies working in these areas scale up and create a large scale impact for helping people in managing the pandemic situation.
Vinay Bansal, Co-founder CEO, IPV added, “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.”
Started in 2018, IPV has invested more than ₹100 crore across over 35 startups.
In India, more than 71 million students take help of private coaching and tuition, pursuing mainstream education system. 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%. Since the covid outbreak, investor interest in all forms of edtech based solutions has increased manifold as students seek ways to continue learning remotely.
