Oliveboard, a Bengaluru-based ed-tech startup, raises Rs 23 crore led by Indian Angel Network (IAN) Fund, with participation from Education Catalyst Fund (ECF) and Yukti Securities, the company said in a statement on Monday.
Oliveboard plans to use the funds to raise the number of national-level courses/exams, add state-level categories, and invest in engaging data-driven learning products.
With the entry of numerous startups in the last couple of years, the country’s ed-tech industry has skyrocketed. Among the key companies in this market are: Unacademy, Udemy, Byju’s, Meritnation, etc.
Oliveboard is a tech-driven educational firm that offers complete preparation and practice for MBA and Bank PO exams using videos, online tests, and an adaptive engine that allows students to target their problem spots. The platform provides graduates preparing for government jobs with access to low-cost, high-quality coaching.
“There is no one-size-fits-all approach. We follow a personalized approach to learning that offers convenience and flexibility to aspirants preparing for government exams. Our key focus area is to provide data-driven personalized coaching to each learner based on their preparation levels for an exam. Given our success in the Banking & Insurance exam category, we are well-positioned to expand our offerings seamlessly into other newer and lesser served exam categories,” stated Abhishek Patil, co-founder of Oliveboard.
Currently, Oliveboard has a user base of 8 million students across 2,500 cities and towns in India. Presently, the ed-tech startup facilitates 50 government exams. Oliveboard aims to introduce 100+ different national and state-level exams to its portfolio of services in the coming months.
Oliveboard has raised funds in two rounds of funding. Their most recent funding came on January 1, 2019, in the form of a Venture-Series Unknown round. Oliveboard is supported by two investors. The most recent investors are CBA Capital and India Educational Investment Fund.
IAN Fund Managing Partner Sudipta Gautam stated, “The market size of the government job entrance exam preparation industry in India is estimated to be nearly Rs 400 billion. Before March 2020, a large portion of this market was dominated by offline coaching institutes and the pandemic has been a catalyst in the adoption of online solutions. This market is bound to grow as the demand for test preparation has been stimulated by the increasing internet penetration in tier-II and tier-III cities in the country.”