Noida-based start-up Melvano has raised Rs 1.3 crore in a funding round led by Tyke Invest. The company also bagged seed funding 2021 in April 2021 from multiple angel investors.
With this latest round of funding, the company is planning to introduce Skillbary in March to upskill the market. The latest innovation aims to offer micro-certification courses for college students.
Founded in 2018 by Taran Singh and Sachin Sanodiya, the company is known for offering personalised coursework to students preparing for IIT-JEE and NEET examinations. Additionally, the company has also created a reward system for students after completing a test on the application.
Talking about the latest development, the founder and chief executive officer ( CEO), Taran Singh, said, “We are witnessing more and more graduates who have completed bachelor’s programmes but are unable to find employment. The vast disparity between the skills taught in colleges and those needed for current occupations is the cause of this. We all have witnessed the unpredictable recession affect even the best professionals. Given that, the majority of upskilling platforms only cater to working professionals.”
The Edtech sector went through massive upheavals last year. Coupled with the fund crunch and the fear of recession, highly-valued companies like Unacademy, Byju's and Vedantu were seen to cut down their employee numbers. The edtech sector alone was accountable for 44 per cent of total layoffs. This year has also offered any difference. In another round of layoffs, Byju's fired nearly 1,000 staff. Unacademy-owned Relevel also laid off 40 workers.