Ingenium, an EdTech startup offering a white-labeled platform, has raised an undisclosed amount of seed funding led by Lead Angels. IAN, an existing investor, has also invested in this round along with iAngels Network of India Accelerator, Faad Network, and Hem Angels.
The fresh funds raised will be utilized by the startup to further scale up its operations, strengthen adaptive assessment technology, improve products and expand the team.
The innovative startup is providing a SaaS platform to small and medium sized education institutes and helping them to grow and manage their business better.
Speaking on the development, Pramudit Somvanshi, CEO of Ingenium said, “We are thrilled to have Lead Angels Network lead the current round and grateful for the continued support by our investors. This investment round will help us to scale our engineering and sales team, make our product seamless for our customers, and introduce new features and revenue streams.”
Founded by IIT Roorkee graduates Pramudit Somvanshi, Mohit Patel along with IHM Mumbai alumnus Aakash Gupta in May 2018, Ingenium provides a state-of-the-technology, white-labeled platform for coaching institutes, schools, home tutors, and parents. Besides, the Ingenium app boasts a combination of administrative, academic, and marketing features.
Expanding its reach, the Noida-based startup has connected over 150,000 students, 3,000 teachers in almost 100 cities all over India as of 30 April 2021. Furthermore, the startup’s monthly recurring revenue increased 5x in the last 2 months and it also witnessed the best ever sales during the month of April 2021.
There are around six million small and medium institutes in India. The current COVID situation and rise of competitive EdTech companies have compelled these institutes to adopt digitization. Ingenium is providing a full-stack digitization platform to these institutes where they can take their institute completely online and scale themselves.
Some of the key offerings of the Ingenium platform include adaptive assessment, in-depth academic analysis, and real-time teacher-student-parent interaction. This holistic offering has also increased the adoption rate of the platform.
“The pandemic has further accelerated the adoption of online education for all teachers and institutes. This is where Ingenium is helping the smaller players in technology adoption with cutting-edge features. As investors, we see a lot of value creation through the democratization of technology and providing a level playing field for smaller players in the education market. We are glad to back passionate Founders, who are bringing a change in the existing education system,” said Kushal Khandwala, avid investor & member of Lead Angel Network.
Ingenium will further work on strengthening partnerships with existing players in tier 2 and tier 3 cities. Additionally, the startup will be aggressively working on adding new revenue streams based on the B2B marketplace, content subscription, and adaptive assessments.
“The in-depth knowledge of founders on the target customer segment and incorporating all the customer requirements in a single platform should help in hyper-growth for the company. We see the company scaling rapidly as the platform becomes more robust,” said Kruti Raiyani, Regional Head – Lead Angels.
Further adding on the investment, Vikas Kuthiala, Lead Investor from IAN said, “Ingenium is empowering brick-and-mortar coaching centers across India with a digital platform that is helping continuity of education for K-12 cohort in multiple local languages and the full spectrum of socio-economic classes across the country. This is the best, easy-to-use tool in the hands of India’s traditional shadow school system to help teachers and students alike. Ingenium is targeting a billion-dollar business opportunity and aims to be among the leaders in this market in the coming years. We wish the founders good luck for their future endeavors”
Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 12 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded start-ups across 17 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year on year to its investor-members, for the last 11 years. Some of its marquee investee companies include Druva, Box8, Sapience Analytics, WOW Momos, Consure, Fareye amongst many others.
IAN has also launched the IAN Fund, an INR 375 crore fund, which is a uniquely differentiated seed/early stage Fund which aims to transform India’s entrepreneurial landscape. The fund invests in innovative companies in sectors including healthcare and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, agritech, and hardware. With this, IAN has created the single largest platform for seed and early-stage investing, enabling entrepreneurs to raise from Rs. 25 lakhs to Rs. 50 crores.