Aiming to strengthen its content and enhance its technology, Edtech startup Oliveboard has raised an undisclosed amount of funding from India Educational Investment Fund (IEIF).
Oliveboard is an online test platform that prepares students appearing for MBA and job-oriented competitive exams such as SBI PO, IBPS PO, and SSC CGL. It is founded by former InMobi employees Satish Kumar and Abhishek Patil.
Patil, CEO and co-founder, Oliveboard, said, “We look forward to continue using technology to deliver education in newer and more effective ways while still keeping it affordable. The funds will be utilized to increase our marketing efforts, build content and further strengthen our mobile technology.”
Starting four years back in 2012, Oliveboard currently supports 15 competitive exams and has over 260,000 registered users with customers from 28 states and over 680 cities and towns across India.
An early-stage impact investment fund established by the Michael & Susan Dell Foundation, IEIF foundation aims to support early-stage investing in education startups that support urban, low income families in India.
Vishal Bharat, director of corporate business advisors (CBA), the investment manager for IEIF investments, said, “Oliveboard is one of the few companies that are going about the individual subscription model for paying users in a highly competitive online solutions market. The need for an online test preparation service for young adults is immense. Finding the right solution and paying for it, is the key for all stakeholders.”
