Online Exam Preparation Platform ixamBee Raises Rs 5 Crore in Pre-Series A Funding Led by Inflection Point Ventures
- ByStartupStory | March 31, 2023
Inflection Point Ventures (IPV) has led a pre-series A funding round of Rs 5 crore for IxamBee, an online platform for competitive exam preparation. Several angel investors, including SAN Angels, existing investors of Mumbai Angels, and Keyur Joshi, co-founder of MakeMyTrip, also participated in the funding round.
ixamBee, an ed-tech startup, plans to allocate the funds it raised towards marketing, content development, and technology. The company, founded in 2017 by Chandraprakash Joshi, Arunima Sinha, and Sandeep Singh, aims to transform how students prepare for competitive exams. The founders bring diverse skill sets to the table, with Joshi’s expertise in team building and business development, Singh’s proficiency in technology and entrepreneurship, and Sinha’s knowledge in teaching and content creation.
According to Vinay Bansal, the founder and CEO of Inflection Point Venture, the ed-tech market for higher education is expanding rapidly and is among the fastest-growing segments within the ed-tech industry. He also stated that ixamBee is serving a rapidly expanding market opportunity, given the large number of aspirants who appear for competitive exams every year. By providing access to exam papers and notes, ixamBee is helping millions of students prepare for their careers with an unwavering focus. Bansal added that their investment in ixamBee aligns with the purpose of their business.
ixamBee’s primary offering is an internet-based platform that purports to allow students to prepare for recruitment exams at various Public Service Units (PSUs), including but not limited to the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), National Bank for Agriculture and Rural Development (NABARD), public sector banks, insurance companies, and the Staff Selection Commission (SSC), at a 50% faster rate.
ixamBee’s online learning platform, called ixamBee Learning Experience (iLX), claims to offer a complete range of study materials, interactive learning tools, and practice tests. The platform utilizes advanced algorithms and data analytics to monitor students’ progress, provide real-time feedback, and deliver a personalized learning experience tailored to their individual needs and learning style. Moreover, the company stands out from its competitors by providing over 100 mock exams for free to its users.
IxamBee’s co-founder, Chandraprakash Joshi, expressed his appreciation for Inflection Point Ventures’ in-depth knowledge of the sector and how the due diligence process has provided valuable insights into their business. He also mentioned that they have successfully piloted a new business opportunity utilizing the data of their 2 million registered students. Joshi believes that the current business environment is highly conducive to ixamBee’s growth, and the new funding will enable them to increase their reach fivefold, ultimately helping more students achieve their career aspirations.
According to reports, the ixamBee platform boasts an extensive collection of top-notch video lectures presented by experienced educators and industry professionals, which is considered one of its most significant features. These lectures cover all of the essential topics and ideas examined in competitive exams, making it simpler for students to grasp difficult concepts and prepare more efficiently.
IxamBee provides classroom coaching and test series programs in addition to its online platform. These programs are designed for students who prefer a more conventional learning approach and are conducted by experienced faculty members. They are currently available in select cities throughout India.
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