Oliveboard, an education technology startup, announced that it has raised Rs 23 crores in pre-Series A funding from IAN Fund, with participation from Education Catalyst Fund and Yukti Securities.
According to the company, this funding will enable it to increase the number of national-level courses and exams it offers, as well as add state-level categories. The Bengaluru-based startup will also invest in technology for interactive data-driven products, which will enable more granularly customised learning for individuals.
Abhishek Patil and V Satish Kumar founded the company in 2015 with the goal of providing aspirants with data-driven intelligent learning solutions such as Live Classes, Practice Tests, Live Practice Sessions, remedial material, and other forms of interactive content.
According to the company, it currently supports 50 government exams and has over 8 million users throughout the country. Abhishek Patil, co-founder of Oliveboard, stated that his primary focus is on providing data-driven personalised coaching to each learner based on their exam preparation levels.
“Given our success in the Banking & Insurance exam category, we are well-positioned to seamlessly expand our offerings into other, less-served exam categories,” Patil said.
According to Sudipta Gautam, Managing Partner of IAN Fund, India’s government job entrance exam preparation industry is estimated to be worth nearly Rs 400 billion.
He explained that, prior to March 2020, a significant portion of this market was dominated by offline coaching institutes, and the pandemic accelerated the adoption of online solutions. This market is expected to expand, as demand for test preparation has been boosted by the increasing internet penetration in the country’s tier-2 and tier-3 cities.
“We are delighted to see how EdTech startups like Oliveboard are combining their educational expertise with technology and helping thousands of aspirants in their preparation for government jobs,” he said.