Competitive Exam Prep Patform Oliveboard Raises INR 23 Crore in Series A Funding
Oliveboard an edtech platform for the preparation of competitive exams, has raised INR 23 crore in a Series A funding led by Indian Angel Work (IAN) Fund, along with participation of Education Catalyst Fund (ECF) and Yukti Securities. Through the funding, the startup intends to increase the number of national level courses, exams including the addition of state-level categories currently available. Oliveboardwill also invest in technology for interactive data driven products, which will enable individuals to receive more personalized learning at a more granular level.
Founded in 2015 by Abhishek Patil and V Satish Kumar, the edtech startup caters to aspiring students and delivers affordable and high-quality coaching to graduates preparing for government jobs. The founders wanted to address the need for quality coaching and exam preparation for government and quasi government occupations in tier II and III cities.
Oliveboard has over Eight million users spread throughout 2,500 cities and towns in India. Currently, the edtech platform offers 50 government exams. Furthermore, it plans to add over 100 other national and state-level tests to its portfolio in the coming years.
“In India, the market for government job entrance exam preparation is estimated to be worth over INR 400 billion. Before March 2020, offline coaching institutes occupied a big percentage of this market, and the pandemic has accelerated the adoption of online solutions. The demand for test preparation has been spurred by the increasing internet penetration in tier-II and tier-III cities across the country, and this market is expected to rise,” said Sudipta Gautam, Managing Partner, IAN Fund.
“We're excited to see how EdTech businesses like Oliveboard are merging educational knowledge with technology to assist thousands of hopefuls prepare for government jobs,” said Gautam.
Abhishek said that the firm’s main objective is to provide each learner with data-driven individualized tutoring depending on their test preparation levels. “We are well-positioned to smoothly expand our products into other emerging and lesser-served exam categories, based on our success in the Banking & Insurance exam area. We appreciate IAN Fund, ECF, and Yukti Securities' trust and support,” he added.
Founded in 2015 by Abhishek Patil and V Satish Kumar, the edtech startup caters to aspiring students and delivers affordable and high-quality coaching to graduates preparing for government jobs. The founders wanted to address the need for quality coaching and exam preparation for government and quasi government occupations in tier II and III cities.
Oliveboard has over Eight million users spread throughout 2,500 cities and towns in India. Currently, the edtech platform offers 50 government exams. Furthermore, it plans to add over 100 other national and state-level tests to its portfolio in the coming years.
“In India, the market for government job entrance exam preparation is estimated to be worth over INR 400 billion. Before March 2020, offline coaching institutes occupied a big percentage of this market, and the pandemic has accelerated the adoption of online solutions. The demand for test preparation has been spurred by the increasing internet penetration in tier-II and tier-III cities across the country, and this market is expected to rise,” said Sudipta Gautam, Managing Partner, IAN Fund.
“We're excited to see how EdTech businesses like Oliveboard are merging educational knowledge with technology to assist thousands of hopefuls prepare for government jobs,” said Gautam.
Abhishek said that the firm’s main objective is to provide each learner with data-driven individualized tutoring depending on their test preparation levels. “We are well-positioned to smoothly expand our products into other emerging and lesser-served exam categories, based on our success in the Banking & Insurance exam area. We appreciate IAN Fund, ECF, and Yukti Securities' trust and support,” he added.
