ixamBee, an online learning platform that claims to make exam preparation 50% faster, has raised Rs 5 crore in a pre-Series A funding round led by Inflection Point Ventures (IPV).
SAN Angels, other angel investors, existing investors in Mumbai Angels, and Keyur Joshi (co-founder of MakeMyTrip) also participated in the funding round. The funds raised will be utilized in marketing, content development, and technology, the startup said.
The startup said it aims to revolutionize the way students prepare for competitive exams. Chandraprakash Joshi, Arunima Sinha, and Sandeep Singh founded ixamBee in 2017.
The three founders bring complementary and unique skill sets. Chandraprakash has team building and business development experience; Sandeep is a tech whiz and start-up entrepreneur; and Arunima has teaching and content creation as her domain areas.
Vinay Bansal, Founder & CEO of Inflection Point Venture, said, “The ed-tech market for higher education continues to grow and is one of the fastest-growing segments within ed-tech. ixamBee is addressing an ever-growing market opportunity as lakhs of aspirants appear for competitive exams every year. The preparation for such exams is nothing short of an unrelenting focus. ixamBee is helping millions of students have access to exam papers and notes to prepare for their careers. We are aligned with the purpose of their business and chose to invest in the company.”
The company’s flagship product is an online platform that enables students to prepare 50% faster for recruitment exams at RBI, SEBI, NABARD, public sector banks, insurance companies, SSC, and other PSUs, among others. ixamBee Learning Experience (iLX) is a combination of a comprehensive range of study materials, practice tests, and interactive learning tools.
The platform is intended to provide students with a personalized learning experience that is tailored to their specific needs and learning style by tracking their progress and providing real-time feedback using advanced algorithms and data analytics. The company claims to be the only platform to provide 100+ mock exams for free to its users.
Chandraprakash Joshi, Co-Founder, ixamBee, said, “IPV’s due diligence is driven by a deep understanding of the sector. During the process of doing the unit cost analysis, we learned new insights about our business. We have also piloted a new business opportunity by leveraging the data of about 2 million registered students at ixamBee. The current environment is very favorable for the business growth of ixamBee. This funding is going to enable us to grow our reach fivefold and help small students get their dream jobs.”
In addition to its online platform, ixamBee offers classroom coaching and test series programs for students who prefer a more traditional learning approach. These programs are conducted by experienced faculty members and are available in select cities across India.
With the Indian edtech industry expected to grow at a CAGR of 39% over the next five years, ixamBee said it is well-positioned to capitalize on the growing demand for high-quality online learning solutions. As the company continues to expand its product offerings and reach more students across the country, it is poised to become a major player in the Indian edtech space.
Source @Indianstartupnews
