Edtech platform Edukemy announced that it has raised $2 Mn in Pre–Series A funding round led by Auxano, Falcon 5, and other angel investors. These funds will be used to further strengthen the company’s position by working towards building a test prep platform for multiple competitive examinations, as well as to build the team and scale the product.
Founded in 2020 by Chandrahas Panigrahi, Shabbir A Bashir, and Deb Tripathi, the Delhi-NCR-based startup provides test preparation for non-subjective as well as subjective competitive exams such as JEE, BITSAT, and UPSC. The platform’s mission is to build the next generation of EdTech, focused on a student-centric experience, enabled through deep insights, actionable feedback, quality content, and hyper-personalized learning.
Chandrahas Panigrahi, CEO and cofounder, Edukemy said, “Since our inception, our business and presence in the field has grown multifold. The company is working towards achieving an ARR of $3Mn in revenue. This year, in the first quarter alone Edukemy tripled its revenue base and crossed 10k+ paid learners and plans to scale 4X in the current year.”
The company claims that since December 2020, Edukemy has gained traction with growth of 3x in the content viewed by the audience and doubled the engagement rates in classes. It is now aiming to reach 1 Mn paid learners by 2023 and plans to expand into additional verticals.
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Commenting on the investment, Manish Mehta, Managing Partner- Falcon 5, said, “We were extremely impressed by Edukemy founders’ vision to disrupt the non-stem test prep sector through technological innovation. Their bold approach is exactly what is needed to provide learners with evaluation-driven pedagogy and personalized learning experiences, and we are excited to join them on their next mission to reach out to millions of students achieve their dreams and success in life.”
Some of Edukemy’s competitors in the test preparation market include Unacademy, Toppr, Testbook, and Embibe. This sector has also been one of the fastest-growing sub-sectors of the edtech market. According to Inc42 Plus estimates, edtech startups raised more than $1.43 Bn across 101 deals between Jan 1 and Dec 17, 2020, witnessing a whopping 223.2% rise compared to the previous year.