ixamBee, an online competitive exam preparation platform has raised Rs 5 crore in a pre-series A funding round led by Inflection Point Ventures (IPV). Other angel investors, including SAN Angels, existing investors of Mumbai Angels and Keyur Joshi, co-founder of MakeMyTrip also participated in the funding round.
The funds raised by ixamBee will be utilised in marketing, content development and technology.
Founded in 2017 by Chandraprakash Joshi, Arunima Sinha, and Sandeep Singh, ixamBee is an ed-tech start-up aiming to revolutionise the way students prepare for competitive exams. The three founders claim to bring complementary and unique skill sets like Joshi has team building and business development experience; Singh is a tech whiz and start-up entrepreneur and Sinha has teaching and content creation as her domain areas.
"The edtech market for higher education continues to grow and is one of the fastest-growing segments within ed-tech. ixamBee is addressing an ever-growing market opportunity as lakhs of aspirants appear for competitive exams every year. The preparation for such exams is nothing short of an unrelenting focus. ixamBee is helping millions of students have access to exam papers and notes to prepare for their careers. We are aligned with the purpose of their business and chose to invest in the company," said Vinay Bansal, founder and chief executive officer (CEO) of Inflection Point Venture.
The company's flagship product is an online platform that claims to enable students to prepare 50 per cent faster for recruitment exams at Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), National Bank for Agriculture and RuralDevelopment (NABARD), public sector banks, insurance companies, Staff Selection Commission (SSC) and other Public Service Units (PSUs), among others.
ixamBee Learning Experience (iLX) is reportedly a combination of a comprehensive range of study materials, practice tests and interactive learning tools. The platform is intended to provide students with a personalised learning experience that is tailored to their specific needs and learning style by tracking their progress and providing real-time feedback using advanced algorithms and data analytics. The company is the only platform to provide over 100 mock exams for free to its users.
"IPV’s due diligence is driven by a deep understanding of the sector. During the process of doing the unit cost analysis, we learned new insights about our business. We have also piloted a new business opportunity by leveraging the data of about 2 million registered students at ixamBee. The current environment is very favorable for the business growth of ixamBee. This funding is going to enable us to grow our reach fivefold and help small students get their dream jobs," observed Chandraprakash Joshi, co-founder of ixamBee.
One of the most important aspects of the ixamBee platform is said to be its extensive library of high-quality video lectures delivered by experienced teachers and industry experts. These lectures cover all the major topics and concepts tested in competitive exams, making it easier for students to understand complex concepts and prepare effectively.
In addition to its online platform, ixamBee offers classroom coaching and test series programs for students who prefer a more traditional learning approach. These programs are conducted by experienced faculty members and are available in select cities across India.
