Ingenium Noida-based Edtech startup will use these freshly raised funds in scaling and organizing its operations, strengthen its technological capabilities, improve its products and hire new talents.
This seed round of funding was led by Lead Angels and IAN, an existing investor. Faad Network, Hem Angels, and India Accelerator also participated in this round.
The Edtech startup is providing a SaaS platform for small and medium-sized educational institutions and helping them to grow and manage their business better.
Pramudit Somvanshi CEO of Ingenium said that “The funds will be helpful in growing our startup and scale our engineering and sales team, make our product better for our customers and include new features and revenue streams,”.
Ingenium was founded in 2018 by IIT Roorkee graduates Pramudit Somvanshi, Mohit Patel and IHM Mumbai alumnus Aakash Gupta, the startup provides a state of technology platform for coaching institutes, schools, home tutors, and parents. Ingenium app boasts a combination of administrative, academic, and marketing features. In a short span, the startup claims to have connected over 150,000 students, 3,000 teachers in almost 100 cities all over India as of 30 April 2021.
Kushal Khandwala investor and member of Lead Angel Network said “the startup is helping smaller players in technology adoption with cutting edge features. As investors, we see a lot of value creation through democratisation of technology and providing a level playing field for smaller players in the education market”.
According to Ingenium, there are around six million small and medium institutes in India, which are affected due to COVID situation Ingenium will be the catalyst to grow themselves from the offerings of Ingenium providing a full-stack digitisation platform to these institutes where they can take their institute completely online and scale themselves. Some of the key offerings of Ingenium platform include adaptive assessment, in-depth academic analysis, and real-time teacher-student-parent interaction.
Ingenium said it will further work on forming partnerships with players in tier-II and III cities. Additionally, the startup will be aggressively working on adding new revenue streams based on the B2B marketplace, content subscription, and adaptive assessments.
“The in-depth knowledge of founders on the target customer segment and incorporating all the customer requirements in a single platform should help in hyper growth for the company. We see the company scaling rapidly as the platform becomes more robust,” said Kruti Raiyani, Regional Head, Lead Angels.