Edvizo, an edtech startup that lets you search, compare and sign up for institutes for competitive exams, has raised $150,000 (about Rs 1.13 crore) in an angel funding round from Ah! Ventures Angel platform, a startup focused growth catalyst.
The company said the online portal plans to use the funds to boost its technology portfolio, acquire customers, and strengthen its technology and sales team. The company said in a statement that Edvizo is also looking to expand into more cities.
She added that Edvizo plans to hire up to 650 new employees in the next six months.
“With this fundraising event, we are excited about the opportunity to work with a wide network of investors in the Ah! Ventures. It will accelerate our overall efforts to realize our vision,” said Ravi Nishant, founder of Edvizo.
Founded in 2018, Edvizo claims to work with 3,100 organizations and has over 73,500 registrations and over 1.4 lakh registered users on its platform. Edvizo was part of Facebook’s startup program in 2019.
The company said the company is conducting the National Common Entrance Examination (NLCEE) to offer scholarships and enroll students for its partner institutions. NCLEE is the only admission test in India, the result of which is accepted by thousands of institutions for admission. The company added that more than two lakh students have already taken the NCLEE exam in the past two years.
Edvizo, in June 2020, raised $150,000 in seed funding from Inflection Point (IP) Ventures.
no! Ventures, Edvizo’s investment brings the total number of companies in its portfolio to 91.
The angel network company said the angel platform has invested Rs 235 crore with 11 exits and 18 followers so far. Uh! It added that Ventures has invested in as many as 28 companies in 2021 alone and plans to raise the number to 40 by the end of the year.
The investor expects his total investment in 2021 alone to exceed Rs 150 crore by the end of the year. In 2019, she led a $1.5 million funding round into the education technology company Smart Institute.
“The ongoing pandemic has put the spotlight on the education technology sector, fueling growth in the same sector. Edvizo has seen a continuous upward trend in the number of student enrollments as well as institutional partnerships.
The increasing demand for distance learning in India has led a lot of companies in the field of education technology to raise funds. So far in 2021, three education technology companies have transformed into unicorns, bringing the total number of these startups boasting a valuation of more than $1 billion in the country to five.