Excl: Online exam prep startup Examify raises fresh funding
Mumbai-based Wootify Technologies Pvt Ltd, owner of Examify, an online exam preparation service backed by Indiagames' founder Vishal Gondal, has secured $80,000 (Rs 50 lakh) in fresh funding from Taher Khorakiwala, CEO of MeemAin Capital Advisors, and Kanwaljit S Bombra of KSB Consulting and Investments LLC, sources privy to the development told Techcircle.in.
The investment happened in March this year. According to sources, the two investors picked more than 23 per cent stake in Examify.
It is not clear how the company is planning to deploy the proceedings from this round. When contacted, Examify co-founder and CEO Angad Nadkarni declined to comment.
Co-founder Samudra Bhuyan quit in December
Sources revealed that Samudra Neelam Bhuyan, co-founder and COO of Examify, had quit the firm in December last year.
When contacted, Bhuyan said, "I left Examify because of personal reasons. I learnt a lot and had a great time at Examify. I am currently a student at University of California, Berkeley, where I'm studying Human Computer Interaction."
After leaving Examify, Bhuyan worked for a short period at MindTickle, an Accel Partners-backed startup that provides cloud- and mobile-based employee training solutions to enterprises. Prior to joining Examify in 2012 as a co-founder and COO, Bhuyan had also earlier founded Open Business Solutions. In the past, he had worked at Nelumbo Learning Pvt Ltd, MentorEdge, and Knowledge Bricks Education & Management Services.
Examify was founded in 2011 by BITS Pilani graduate Nadkarni. The startup uses algorithms and crowd sourcing to generate intelligence around various examinations. Students can browse questions from CBSE, IGCSE, IB and ICSE Board examinations, and IIT-JEE and BITSAT examinations.
The startup had previously raised an undisclosed amount in funding from Gondal.