Exam preparation platform, Gradeup had recently received $7 million in Series A funding round. Times Internet, which is a renowned digital media agency, led the funding round.
Gradeup will utilize the funds to enhance its tech & product capabilities, diversify offerings and scale the academic team.
With this investment, Gradeup’s aggregate fund has soared to $10 million. The education technology startup helps over 15 million aspirants to crack competitive examinations such as NEET, UPSC, SSC, and GATE. Further, it is rendering a flagship offering, Gradeup Classroom.
It offers live courses from some of the highly-experienced faculties of the country.
“This round of investment from one of the largest and most influential internet enterprises across India is a glowing endorsement of our will to build the most effective edtech solution in the country. We are the only Indian online exam preparation platform that enables Live online coaching complemented with community-based learning, with ‘student success’ at the center of our operational strategy,” Shobhit Bhatnagar, Co-founder–CEO, Gradeup, said in the company’s official statement.
“We are investing fresh funds to further build our live online coaching platform, scale our academic team to 100 Faculties and 200 Subject Matter Experts & to expand further in Tier 2,3,4 towns,” Bhatnagar added.
Evolving the Mode of Delivering Education
Gradeup concentrates on “student success” metrics as an instrument to calibrate achievements and effectiveness, hence, stressing more on learning outcomes. This concept replaces normal metrics such as the count of users, count of classes, etc. to render a holistic view of adopting the course that has been widely overlooked by other players in the market.
The online education market in India currently stands at $247 million and is estimated to grow more than 8X over the next 5 years to over $1.96 billion in 2021. This growth is expected to be backed by a phenomenal rise in paid users across top edtech platforms, which is projected to grow from the current base of around 1.57 million to 9.5 million users in 2021 at a CAGR of 44 per cent.
Gradeup was established in 2015 by Vibhu Bhushan, Sanjeev Kumar, and Shobhit Bhatnagar. It has created highly engaging exam-focused communities for aspirants and mentors for examinations like UPSC, Banking, GATE, and Railways, among others. It aids aspirants to freely access study material for preparation, previous years' papers and quizzes. Furthermore, it provides some paid services--Live online courses and Test series, which students can purchase to increase their knowledge and at the same time, enhance preparation.