Edtech Startup Ingenium raises Seed funding led by Lead Angels & Others
Ingenium, an EdTech startup offering white-labeled platform, has raised an undisclosed amount of seed funding led by Lead Angels. Angels Network of India Accelerator, an existing investor also participated in the funding round along with Faad Network, and Hem Angels.
The startup will use the new funds to expand its operations, strengthen adaptive assessment technology, enhance the product, and hire more people.
Small and medium-sized education institutes can use the startup's SaaS platform to help them develop and run their businesses more effectively.
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.”
Ingenium was established in May 2018 by IIT Roorkee graduates Pramudit Somvanshi and Mohit Patel, as well as IHM Mumbai alumnus Aakash Gupta. The startup provides a cutting-edge, white-labeled forum for coaching institutes, colleges, home tutors, and parents. Furthermore, the Ingenium software combines logistical, academic, and marketing features.
As of 30 April 2021, the Noida-based startup had linked over 150,000 students and 3,000 teachers in nearly 100 cities across India. In addition, the startup's monthly recurring revenue rose by 5x in the last two months, and it had its best-ever revenues in April 2021.
Adaptive evaluation, in-depth academic review, and real-time teacher-student-parent interaction are just a few of the main features of the Ingenium framework. The platform's adoption rate has also improved as a result of this comprehensive offering.
Adaptive evaluation, in-depth academic review, and real-time teacher-student-parent interaction are just a few of the main features of the Ingenium framework. The platform's adoption rate has also improved as a result of this comprehensive offering.
“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 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 continue to collaborate with existing players in tier 2 and tier 3 cities to expand their partnerships. Furthermore, the company will work hard to develop new revenue sources focused on B2B marketplaces, content subscriptions, and adaptive assessments.
The startup will use the new funds to expand its operations, strengthen adaptive assessment technology, enhance the product, and hire more people.
Small and medium-sized education institutes can use the startup's SaaS platform to help them develop and run their businesses more effectively.
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.”
Ingenium was established in May 2018 by IIT Roorkee graduates Pramudit Somvanshi and Mohit Patel, as well as IHM Mumbai alumnus Aakash Gupta. The startup provides a cutting-edge, white-labeled forum for coaching institutes, colleges, home tutors, and parents. Furthermore, the Ingenium software combines logistical, academic, and marketing features.
As of 30 April 2021, the Noida-based startup had linked over 150,000 students and 3,000 teachers in nearly 100 cities across India. In addition, the startup's monthly recurring revenue rose by 5x in the last two months, and it had its best-ever revenues in April 2021.
Adaptive evaluation, in-depth academic review, and real-time teacher-student-parent interaction are just a few of the main features of the Ingenium framework. The platform's adoption rate has also improved as a result of this comprehensive offering.
Adaptive evaluation, in-depth academic review, and real-time teacher-student-parent interaction are just a few of the main features of the Ingenium framework. The platform's adoption rate has also improved as a result of this comprehensive offering.
“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 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 continue to collaborate with existing players in tier 2 and tier 3 cities to expand their partnerships. Furthermore, the company will work hard to develop new revenue sources focused on B2B marketplaces, content subscriptions, and adaptive assessments.
