ixamBee, a well-known online learning platform that specialises in career preparation for students from small towns, has recently announced that it has raised INR 11 crore in its pre-Series A round led by renowned investors, including S Chand & Company, IPV (Inflection Point Venture), Mukesh Sharma Family Trust, Keiretsu Forum, SAN Angles, Mumbai Angels, and Keyur Joshi (Co-founder of MakeMyTrip). The latest fundraising round also involved a secondary transaction of INR 3 crore.
According to the company, the platform plans to use the capital to grow by launching additional learning programs and investing in content development, marketing, and technology.
Co-founded by Chandraprakash Joshi, Arunima Sinha, and Sandeep Singh in 2016, ixamBee offers the best-in-class technology-based learning solutions for competitive exams to groom the new generation of intelligent learners by making quality education accessible. It helps unskilled graduates and undergraduates prepare for competitive exams for jobs in central government, banks, state governments, railways, LIC, RBI, NABARD, SEBI and other competitive exams. It also offers FREE practice tests for more than 50 competitive exams for jobs in public and private sector banks, regulatory bodies, insurance companies, and other government organizations.
The startup aims to enhance its study materials, practice tests, interactive learning tools, and personalization features under the iLX umbrella. Leveraging AI and data analytics, ixamBee offers a personalized learning experience to students tailored to their specific needs and learning styles while tracking their progress and providing real-time feedback.
Speaking about the investment, Co-founder & CEO of ixamBee, Chandraprakash, said:
This collaboration will exponentially increase the reach of ixamBee Learning Experience (iLX). The funds raised will be utilized to drive growth by launching additional learning programs, investing in content development, marketing initiatives, and technology enhancements.
The firm claims it has reached over 12 million students, with 1.9 million registered on the platform. It also provides coaching and test series programs for students who prefer a more traditional learning approach. Experienced faculty members conduct these programs, which are available in select cities across India.
Vinay Bansal, Founder and CEO of Inflection Point Venture, commented:
The EdTech market for higher education continues to expand rapidly and is one of the fastest-growing segments within the sector. The platform assists millions of students in accessing exam papers and study materials to prepare for their careers. We resonate with the purpose of their business and have chosen to invest in the company.
Prior to this investment round, ixamBee had secured investments from Mumbai Angels Network, JITO Angel Network, Keyur Joshi, Vishal Gandhi, Founder and CEO of BVA (BIORx Venture Advisors), acted as the financial advisor in both the primary and secondary funding rounds facilitated by S Chand and Mukesh Sharma Trust. The company had received an undisclosed amount in a debt round from Caspian Debt in January 2022 and $300,000 in seed funding co-led by Jain International Trade Organisation (JITO) Angel Network and Mumbai Angels in April 2021.