Edvizo, an online marketplace to help students and parents find the perfect coaching institutes, has raised $1 million in a Pre-Series A funding round led by Inflection Point Ventures, one of the largest angel investment platforms in India.
The Bengaluru-based EdTech startup plans to utilize the funds to enhance its technology stack, acquire more users, strengthen the tech and sales team, and expand in more cities.
Founded in 2017, Edvizo helps students and parents find, compare, and enroll in the best and trusted private institutes in their locality, and at the same time, it enables institutes to get more students through its platform thereby helping them reduce expenses on marketing and branding. The startup has tie-ups with over 2,900 institutes, 57,500+ enrolments, and 1,20,000+ registered users on its platform.
Responding to the development, Founder and CEO of Edvizo Ravi Nishant said,
“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 tech and business perspective and also enable us to scale exponentially. We are fortunate to have such ambitious, visionary investors on board with us.”
While students face challenges in getting complete and accurate information about any coaching institute in today’s misleading branding and advertising era, Edvizo aspires to re-invent India’s educational institutions by helping them discover the best institutes near them with all the details that students and parents often look for. Students can search the institutes by categories, get the complete address details, and even the reviews of the institutes, all in one platform.
To properly verify data of all coaching institutes before bringing them on the platform, Edvizo staff make personal visits to the institute with all checks and balances before it goes up on the platform. Additionally, the data is updated every three months, bringing additional options for the users to choose from.
Edvizo has been a part of Facebook’s Startup Program in 2019 and was the Winner of IIT Guwahati’s National Level Startup Competition in 2020.
Founder and CEO of Inflection Point Ventures Vinay Bansal has said,
“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 organized a big chunk of this grind by bringing in a systematic and a 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 one year and want to back them for their growth plans.”
In April 2020, IP Ventures invested another $400,000 in Vogueme Technologies Pvt. Ltd, which operates video meta-tagging platform Toch. IP Ventures’ portfolio includes NCR-based digital payments platform Escrowffrr, Kolkata-based rural health-focused startup iKure, and Delhi-based virtual assistant provider Wishup.
It is estimated that more than 9 crore students take the help of private coaching and tuition. The current size of the private coaching industry in India stands at $90 billion with a record growth rate of 35 percent.