Bengaluru-based edtech venture Edvizo today announced it has raised $1 million in a Pre-Series A led by angel investment firm Inflection Point Ventures.
According to the statement, Edvizo will use the funding to enhance the technology stack, acquire more users, strengthening the tech & sales team, and expanding presence to other cities. The startup has tie-ups with 2,950 institutes, 57,500+ enrolments and 1,20,000+ registered users on their platform.
Vinay Bansal, Founder & CEO, Inflection Point Ventures said:
“Education is a serious business. Every year parents spend millions of dollars to find excellent schools, coaching institutes, and counselors 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 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 year and want to back them for their growth plans,” he added.
Launched in March 2018, Edvizo provides students and parents 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 by making them put less effort, time, and money into marketing and branding so that they can give their 100% focus on teaching quality only, without worrying about the admissions.
With Edvizo, more than 80,000 students have already participated in this exam. In January 2021, over 1.5L students from 280+ cities registered for the test, to secure the total scholarship prize of Rs 5 crore, according to the startup.
Ravi Nishant, Founder & CEO, Edvizo, 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 a tech and business perspective and also enable us to scale exponentially. We are fortunate to have such ambitious, visionary investors on board with us.”
The platform has been a part of Facebook’s Start-up Program in 2019 and was the Winner of IIT Guwahati’s National Level Startup Competition in 2020.
This is IPV’s 23rd deal for 2021 and it plans to invest Rs 155 crore this year in more than 60 startups. So, far it has invested Rs 207 crore across 77 startups.