Exam preparation platform Gradeup has raised $7 million in Series A funding from Times Internet. This is the second fundraise for the startup which has raised a total of $10 million to date.
According to the company, Gradeup will use the funds to enhance its technology and product capabilities, diversify offerings, and scale its academic team.
Started in 2015, Gradeup claims to help more than 15 million exam aspirants prepare effectively for competitive examinations like JEE, NEET, IBPS, SSC, TET, GATE, and UPSC among others. Gradeup’s flagship offering is Gradeup Classroom, which provides live courses from faculties across India. The programme further engages students through live classes, interactive quizzes, mock tests, 24×7 mentorship, and others.
The Gradeup platform leverages big data such that each student’s exam preparation feed is tailor-made according to their strengths, weaknesses and areas of improvement. The company said it has 15 Mn registered users and daily engagement of 32 minutes per user.
Speaking on the investment, Shobhit Bhatnagar, Co-founder and CEO, Gradeup, said, “This round of investment from one of the largest internet enterprises across India is an endorsement of our will to build the most effective edtech solution in the country. We are investing fresh funds to further build our live online coaching platform, scale our academic team to 100 faculties and 200 subject matter experts, and to expand further in Tier II, III, and IV towns.”
Speaking on the investment decision, Gautam Sinha, CEO Times Internet, said, “Gradeup has been able to build the largest online student communities in India, and we are excited to be partners in their mission to improve education in India.”
“This round of investment from one of the largest and most influential internet enterprises across India is a glowing endorsement of our will to build the most effective edtech solution in the country. We are the only Indian online exam preparation platform that enables Live online coaching complemented with community-based learning, with ‘student success’ at the centre of our operational strategy” added Bhatnagar.
Gradeup expects to enroll 60,000 students to its live courses by the end of this financial year, and more than 1.5 lakh students by March 2021.
The online education market in India is expected to grow to over $1.96 billion by 2021, according to a joint report by Google and KPMG. Paid users across top edtech platforms are expected to grow to 9.5 million users by 2021 at a compound annual growth rate of 44%, the report said.
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