Kota-based online learning platform Eduncle has raised $750,000 or Rs 5.54 crore in a funding round to achieve its expansion objectives and to develop new products for additional exams, commence live classes, and bolster its tech infrastructure.
Mumbai Angels Network, ah! Ventures, KareKaBa Ventures and others led the round. With this funding, Eduncle plans on augmenting its doubt-solving features with the integration of artificial intelligence and machine learning.
Founded in 2016 by Arpit Pareek and Amit Pareek, Eduncle has developed an online learning platform where it offers end-to-end test preparation and guidance for higher education exams — IIT JAM, CSIR NET & UGC NET with multiple features such as live classes, video lectures, printed material, automated doubt solutions, and test series combined with personalized one-on-one mentorship sessions.
According to Nandini Mansinghka, Co-Founder & CEO – Mumbai Angels Network, The platform has seen 2x growth in its student base, paid subscribers, and revenue in the last 12 months while being extremely capital efficient. “Eduncle’s offerings have become increasingly robust in recent times, making high-quality education accessible to all. We believe that the fresh capital will allow them to achieve their goals and reach greater heights,” Nandini adds.
Speaking on the development, Arpit Pareek, Co-Founder & COO of Eduncle said: “Eduncle was founded with the aim of providing easier access to quality learning for every aspirant in India. Our holistic approach to learning solutions makes Eduncle a one-of-a-kind platform in the league of Ed-tech apps, and it is highly scalable as well.”
“As an investor, it’s exciting for me to be a part of Eduncle’s business and onward journey, as they use the funds to upscale high-quality education and learning solutions across the whole country and also globally by providing online solutions for higher education, creating the exponential growth in times to come,” said Ankur Bansal, Co-Lead Investor for Eduncle.
At present, The online learning platform has close to 150 employees, 75 top faculties, and more than 500 tutors working diligently 24*7 to accomplish the organization’s mission, the statement said.