Edvizo Media Pvt. Ltd, an education-technology startup that acts as a marketplace for competitive exam institutes, has raised $150,000 (Rs 1.14 crore at current exchange rates) in seed funding from Inflection Point (IP) Ventures.
The infusion from IP Ventures marks the company’s first institutional investment, CNBC-TV18 reported.
It will use the capital to enhance its technological infrastructure, strengthen its sales team and acquire more users.
The Bengaluru-based startup, set up by Ravi Nishant in 2017, allows users to evaluate, compare and enrol in institutes that focus on coaching students for competitive examinations.
VCCircle has reached out to Edvizo on the details of the fundraising round and will update this report accordingly.
“The coaching institute market is an untapped opportunity which Edvizo seems to be capitalising quite well,” IP Ventures co-founder and CEO Vinay Bansal said, as per the report. “We look to support the business in its growth journey.”
Edvizo is associated with about 2,600 institutes and has more than 50,000 registrations on its platform. Its platform helps coaching institutes acquire more students and reduce their marketing and branding expenses.
IP Ventures
The investment initiative was floated by a group of chief financial officers and finance professionals working at Indian startups. It was founded in 2017 as a by-invitation-only network. The initiative makes most of its bets at early stage to pre-Series A levels.
The firm has made several bets this year. In April, for instance, it invested $400,000 in ed-tech firm Pedagogy, which helps students buy books while preparing for engineering and medical entrance exams. Also in April, IP Ventures invested another $400,000 in Vogueme Technologies Pvt. Ltd, which operates video meta-tagging platform Toch.
Its portfolio also includes NCR-based digital payments platform Escrowffrr, Kolkata-based rural health-focused startup iKure, Delhi-based virtual assistant provider Wishup, Noida-based sports app Sportido and Singapore-based retinal diagnostic startup Leben Care Technologies.