Edvizo Media, a Bengaluru based company that owns and operates an eponymous online learning platform, has raised $150,000 in seed funding round led by venture capital firm Inflection Point Ventures (IPV).
“We plan to use the fresh capital for strengthening the technical and sales team, along with acquiring more users and expanding operations to more cities,” Ravi Nishant, founder of Edvizo, told TechCircle.
This is the first institutional round raised by the Bengaluru based startup. Nishant, who is an alumnus of IIT Guwahati, founded the company in 2017.
Edvizo works as a marketplace to connect coaching institutes and students with each other. It claims 2,650 institutes on its platform along with 50,000 registrations.
Edvizo marks the eighth investment for IPV in the last 60 days. In April, the firm backed edtech platform Pedagogy. Earlier, it invested in media tech company Toch, healthtech startup Phable, food and beverage startup Fabbox and telemedicine platform Remedo.
Founded in 2017, IPV is an investment initiative floated by a group of CFOs and finance professionals working for Indian startups. Nine such executives from startups including Myntra, BookMyShow and Grofers are part of the programme.
In India, more than 71 million students take the help of private coaching while pursuing mainstream education, the statement said. A recent Google-KPMG report estimated the current size of the private coaching industry in India at $40 billion, along with a record growth rate of 35%.
The edtech sector has been one of the few segments to see an uptick in investor interest during the Covid-19 lockdown.
Earlier this month, Gurugram-based e-learning platform Knorish raised $3,23,000 in a bridge funding round from angel investors. Last month, YCombinator backed edtech startup Edurev was funded by former Facebook and Snapdeal executive Anand Chandrasekaran. Around the same time, Pune headquartered Illumnus Education Technologies raised $100,000 in a seed funding round from a group of Dubai-based undisclosed angel investors.