Bengaluru-based ed-tech startup Edvizo said it has raised $1 million in a Pre-Series A led by Inflection Point Ventures. The funds raised will be used to enhance the technology stack, acquire more users, strengthening the tech & sales team and expansion to more cities.
Founded by Ravi Nishant, the startup 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.
“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,” Nishant.
The company said that more than 9 crore students take help from private coaching and tuition. With this, the current size of the private coaching industry in India stands at $90 billion with a record growth rate of 35%.
“Education is a serious business. Every year parents spend millions of dollars to find excellent schools, coaching institutes and counsellors for their children. Students too continuously look for guidance and support, either within their network or seniors,” said Vinay Bansal, Founder and CEO, Inflection Point Ventures.
Edvizo has successfully organised 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 one year and want to back them for their growth plans,” said Bansal.