Aiming to expand their business and strengthen its tech and customer acquisition team, ed-tech startup ExtraaEdge Technology Solutions Pvt. Ltd has raised an undisclosed amount of angel funding from a group of investors.
The investors include Ritesh Dwivedy, CEO of Petoo.in and Priti Padhy, global director of business intelligence and information management at Microsoft. Other investors who participated in the round include Ash Damle, CEO of US-based predictive analytics company, Lumiata, Anup Pani, principal engineer at NetSuite Inc., Abhishek Bhatewara, the member of Mumbai Angels, Sahil Sharma, director of ATAP supply chain at Google, and Shezaad J Dastoor, political and conflict analyst at UN.
The Pune- based startup helps educational institutions acquire students and increase admissions. It will use the funds to expand the business to educational institutes and course sellers in Delhi-NCR, Mumbai, Hyderabad and Bangalore in addition to strengthening its tech and customer acquisition teams.
The startup is also planning to spend a significant amount on its planned pilot programmes in Canada, New Zealand and Australia.
It helps educational institutes reach out to and engage with prospective students and showcase their unique value proposition. Abhishek Ballabh, co-founder of ExtraaEdge, said, “Student acquisition for educational institutes is highly expensive and inefficient and presents a $22.6 billion global opportunity. Understanding prospective students’ online and social behaviour is the key to selling courses in future and our patent pending platform exactly does that.”
Founded by Ballabh and Sushil Mundada in April 2014, ExtraaEdge is cloud-based sales and marketing automation software enabling educational institutes and course sellers take smart data-driven enrollment decisions. Its sales management marketing automation product PotentialEDGE was launched in June 2014.
The product is offered on yearly licence and per lead basis for educational institutes. The startup claims to have 29 paid enterprise customers with 10% month-on-month growth rate.
“Cloud-based products are the future and they have built the product with the right technical strategy. Their business model is based on recurring revenue which means as long as the company continues to provide new features and upgrades to their customers, they would get a high renewal and lower churn which could bring in a lot of future revenue,” Pani, one of the investors, said.
