OliveBoard Comptech Pvt. Ltd, an education start-up that provides a test preparation platform, on Tuesday said it has raised an undisclosed amount of funding from India Educational Investment Fund (IEIF), a fund focused on the education sector.
The IEIF is funded by the Michael and Susan Dell Foundation and has committed investments to Unitus Seed Fund and Menterra Social Impact Fund, and has earlier invested in Report Bee Edusys Pvt. Ltd, which helps measure and improve learning through analytics, and Guru-G Learning Labs (India) Pvt. Ltd, which supports teachers through a gamified platform on an app.
OliveBoard currently supports 15 competitive exams such as SBI PO, IBPS PO and SSC CGL, and has over 260,000 registered users. The company said it would use the funds for marketing, content creation and enhancing its mobile technology.
“With most competitive exams being conducted online, young adults preparing for these exams are increasingly looking at online courses as an alternative to books and institutes. We provide these aspirants with a one-stop place for all learning and practice with their study synchronized across mobile and PC. We’re excited about working with IEIF and will continue to use technology to deliver education in newer, more effective ways while still keeping it affordable,” said Abhishek Patil, chief executive officer, OliveBoard, in a statement.
“We are excited to partner with OliveBoard as it is one of the few companies that is going about the individual subscription model for paying users in a highly competitive online solutions market. At IEIF we are keen to see more young entrepreneurs focused on enabling education solutions to the lower income sections of society, hence we are working on expanding our mandate to growth opportunities besides seed rounds,” said Vishal Bharat, director of corporate business advisors, IEIF.
Education start-ups in India raised about $70 million in funding last year, according to data from start-up tracker Tracxn. So far this year, investments in this sector have picked up with start-up alone Byju raising $75 million in March.