Bengaluru-based edtech startup ForeignAdmits Tuesday said it has secured a fresh funding of Rs 3.26 crore (around $423,000) from early-stage investor Unicorn India Ventures.
ForeignAdmits plans to use the fresh capital to ramp up its tech vertical to offer students, partners and ongoing business development efforts with better experience.
This is Unicorn India Ventures’ second investment in ForeignAdmits after the company raised Rs 3.5 crore in a seed funding round led by the early-stage investor in October last year.
The round also saw participation from investors including SEA Fund, Beerud Sheth (co-founder and CEO of Gupshup), Zishaan Hayath (founder and CEO of Toppr) and Keshab Panda (former CEO, L&T Infotech), among others.
Founded by Nikhil Jain and Ashwini Jain in 2020, ForeignAdmits provides guidance to students aspiring to study overseas, using a data-backed counseling process and guided peer-to-peer mentorship by foreign alumni.
The firm said it works with universities like Columbia, Duke, CMU, Monash, University of Toronto, and ASU. It focuses on the overall aspiration of the GenNext, taking them from mere aspirants to worthy candidates.
“Students especially in tier II and III cities don't enjoy exposure and guidance when compared to their metro counterparts. With the use of technology, we aim to transform the overseas study industry with better, efficient and trusted technology products,” said Ashwini Jain, co-founder and CEO of ForeignAdmits.
ForeignAdmits claims it has grown 10 times in the last 12 months across various business growth parameters.
Currently, the platform has seen a monthly traffic of two lakh users, growing at 25% month-on-month (MoM). With a team size of close to 100, it is currently serving students in India and ten other countries and has over 35 universities partnerships.
“ForeignAdmits has demonstrated a strong growth track record since we last invested in the company. As the world opens up and students look for higher education opportunities in top global universities, we want to back the company as it goes full steam ahead with foreign admission season,” said Anil Joshi, managing partner, Unicorn India Ventures.
Founded in 2015, Unicorn India launched its Rs 300 crore (around $38.8 million) ‘Fund II’ in 2019 which has invested in 20 companies so far.
From its first fund, the venture capital company invested in 18 companies, including Sequretek, Pharmarack, Genrobotics, NeuroEquilibrium, SmartCoin and Open Bank.