EdTech startup Edvizo raised around $150K in seed round from Inflection Point Ventures (IPV). This is the first institutional funding for this early-stage startup. Edvizo acts as an online marketplace to search, compare and enroll in the best institutes for competitive exam preparation. It enables coaching institutes to get more students through their platform thereby helping them reduce their expenses on marketing and branding and invest more in acquiring top teaching talent.
“We are excited to work with IPV to continue building and rolling out our ed-tech platform at another level. Since the education sector is undergoing an enormous transformation due to the COVID-19 lockdown, most of the institutes are currently facing a lot of difficulties from conducting online classes to getting students for their new session. We are trying to tap into this opportunity,” while talking about the funding Ravi Nishant, Founder & CEO, Edvizo said.
IPV has been an active investor and has contributed in industries like Healthtech, EdTech, delivery, social distancing tech to help them expand their operations. It has invested in 8 firms since the lockdown began.
Vinay Bansal, Co-founder CEO, IPV, said in a statement, “Most ed-tech startups are going after the school, universities or directly to student’s kind of a market. But the coaching institute market is an untapped opportunity which Edvizo seems to be capitalising quite well. Their understanding of the market, pain points faced by the coaching institutes and application of tech in solving those issues has put them in the market very well. We are happy to back a very unique, an already profitable business model, being run by a passionate founding team. We look to support the business in its growth journey.”
Edvizo has already collaborated with 2650 institutes and has recorded 50K registrations on the platform. The startup has a SOP to verify the institutes it onboards to maintain authenticity. The new funds will be utilized by the startup in upscaling its technical and sales team, expanding its business to more cities and gaining more users.