Bengaluru-based digital learning ed-tech startup KopyKitab has raised an undisclosed amount from ace investors. The company founded by Sumeet Verma and Amit Shrivastava, has raised this fresh round from institutional and angel investors like Pacatolus (Singapore), Stanford Angels (led by Paula Mariwala), and ace investors like Praveen Gandhi, Jeenendra Bhandari, Mohit Dubey and Manoj Mehta, said a statement.
KopyKitab, is a digital learning platform for higher education students that offers full-stack solutions for personalised learnings. It focusses and caters to all higher education needs – coursework and competitive exams. With a user base of 5 million and 6 million app downloads with an additional presence in over 400 campuses, the platform claimed to have witnessed a growth rate of close to 200% over the last 6-7 months.
“There are 40K institutes in India with 60% plus gap in quality faculty and curated content in a highly scattered market. KopyKitab has witnessed a massive growth, with changing consumer behaviours due to the COVID-19 pandemic, and with 68% of the traffic coming from Tier-II and Tier-III towns, it validates our business model,” said Sumeet Verma, CEO and Co-founder, KopyKitab.
Our aim is to address the underserved market of higher education. As one size does not fit all, higher education is very regional and run on a push from its users. We have evolved as one stop destination for higher education students. We believe this support from our investors will help strengthen our performance metrics further and reach our target of 10 Million users by the year end,” he said.
As major investments are not going towards customer acquisitions, the funds raised will be used for growing the technology for building tutorials along with creating an ecosystem in the higher education vertical.
Praveen Gandhi says, “We believe in the model of KopyKitab and that's why we have backed the team from their early days. Unlike other ed-tech players, KopyKitab focuses on demands from the students' side and works to give them what they need to further excel in their studies and outcomes. It makes them a student-centric platform.
“While the COVID-19 situation spelt bad news for the economy, it turned around the ed-tech space drastically. Given that, we see KopyKitab has created strong moats and is emerging as one of the most formidable names in the Ed-tech space, we decided to provide them with additional funds to help them achieve even bigger milestones as they get ready for a bigger round,” he added.
The company said that it covers a base of 8% of the addressable market so far and aims to double it by the end of 2020. It continues to offer its services amidst the COVID-19 pandemic through P2P (Peer to Peer) with structured learning options and video connectivity.