ForeignAdmits raises funding of 3.26 crore from Unicorn India Ventures
- ByStartupStory | May 10, 2022
ForignAdmits is an overseas study assistance startup that has raised Rs 3.26 crore from an early-stage Mumbai-based investor, Unicorn India Ventures (UIV) along with others like Bengaluru-based SEA investor, Beerud Sheth, the founder of Gupshup, Zishaan Hayath, the founder of Toppr and former CEO of L&T Infotech also took part in the round. The company plans to use the new funds for improving its tech platfor to give a better experience to students and partners along with enhancing their ongoing business.
The firm was founded in 2020 by an IIT Bombay graduate Ashwini Jain with an IIT Bhu alumnus Nikhil Jain. ForeignAdmits is an end-to-end study abroad platform for the students and agents that provide peer-to-peer monitoring by international graduates as well as alumni. The company helps students to apply for college applications digitally and undertake all the visa procedures like education loans, forex, health insurance and credit cards along with the bank accounts. Students living in tier-II and tier-III cities do not get the benefits that the metro city students have.
The company works with some very prominent networks like Columbia, Duke, CMU, Monash, ASU and the University of Toronto. It also launched the Integrated Study Abroad Guidance Product which provides financial and career counselling with admissions support. This is the second investment by UIV in the company. Recently, the firm also raised a seed round of Rs 3.5 crore from Unicorn India which further adds up to funding of $1 million.
According to the ForeignAdmits statement, the company has developed 10X times in the last 12 months in various growth categories. At present, the company is witnessing monthly traffic of 2 lakh organically which is a 25% growth month-on-month. Anil Joshi, the managing partner at Unicorn India Ventures said that in these advancing scenarios the students are looking for higher education in top global universities. The company is present in more than 250 agent partners with a team size of roughly 100 that are serving Indian students and ten other countries. It also has over 35 university partnerships.
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