Quiz-based learning edtech startup iChamp said it has raised an undisclosed amount in a pre-Series A funding round led by Raju Shukla, chief executive officer at Singapore-based Ariana Investment Management.
Shukla has also been managing director and country head of investment bank Barclays Capital India and is a founder member of Ashoka University. Other existing investors who participated in the round include Anuj Gupta and Mohit Agarwal, co-founders of real money poker gaming website adda52.com.
With the recent funds raised, the Gurugram-based startup plans to upgrade its technology and expand its product offerings. It also plans to diversify into more subjects and classes across various curricula in the coming months.
Run by RNM E-Services Pvt. Ltd, iChamp was launched in 2018 by engineering graduates Mohit Bansal and Anil Kumar. Both Bansal and Kumar have previously worked at adda52.com as chief operating officer and project manager, respectively.
iChamp provides a gamified learning platform for students in the age group of 5-13 years to practise and solve problems. On the platform, the students can also take live tests and compete against others across the country.
“iChamp uses elements of gamification like real-time challenges, rewards, competition, fun and social engagement to motivate a child to practise more. In the coming months, we are looking to aggressively expand our user base and improve retention, through features like Live Tournaments and artificial intelligence-enabled adaptive tests,” said Bansal.
The mobile application is currently available on Google Play Store and iOS app store.
There have been several deals in the ed-tech sector over the past year, the most notable among them being Byju’s recent fundraise of $31.3 million in a fresh round of funding led by existing investors General Atlantic and Tencent Holdings Ltd.
Last year in December, Byju’s had announced securing $540 million (Rs 3,855 crore then) in a round led by South African tech conglomerate Naspers. However, the firm’s filings with the Registrar of Companies stated that the company had raised $322.6 million (Rs 2,300 crore then).
In the same month, another well-funded edtech player, Mumbai-based Toppr Technologies Pvt. Ltd, raised $35 million (Rs 245 crore at current exchange rate) in a Series C funding round from new and existing investors.
Around the same time, PlanetSpark, a Gurugram-based gamified learning solutions startup, also raised Rs 1.6 crore from FIITJEE Ltd, the test-preparation company backed by Matrix Partners India.