Edutech platform Oliveboard on Monday said it has raised Rs 23 crore in a pre-Series-A funding round, led by IAN Fund, with participation from Education Catalyst Fund and Yukti Securities. The firm plans to expand its number of national-level courses and exams, add state-level categories and invest in technology for interactive data-driven products for customised learning, the company said in a statement.
“Our key focus area is to provide data-driven personalised coaching to each learner based on their preparation levels for an exam. “Given our success in the banking and insurance exam category, we are well-positioned to expand our offerings seamlessly into other newer and lesser served exam categories. We are thankful for the faith and support of IAN Fund, ECF, and Yukti Securities,” Oliveboard co-founder Abhishek Patil said in a statement. The edutech platform claims to have eight millions users across India.
“The market size of the government job entrance exam preparation industry in India is estimated to be nearly Rs 40,000 crore. Before March 2020, a large portion of this market was dominated by offline coaching institutes, and the pandemic has been a catalyst in the adoption of online solutions,” IAN Fund Managing Partner Sudipta Gautam said. He added that this market is bound to grow, as the demand for test preparation has been stimulated by the increasing internet penetration in tier-2 and tier-3 cities in the country.