Mumbai-based Individual Learning Pvt Ltd that runs Embibe.com, an online test prep portal specialising in engineering entrance exams, has raised $4 million from early-stage investor Kalaari Capital and newly formed venture fund Lightbox, The Times of India reportedciting Embibe's founder Aditi Avasthi.
We have reached out to the company for more information and will update the report once we hear from the firm.
The fund will be used to enhance the company's student and teacher network, get more exams on to the platform and deepen its research around performance improvement.
"Currently, we have 15,000 students on board. Over the next two years, we expect to diversify into offering medical prep tests along with taking the venture across to emerging markets like China," said Aditi.
Founded by Aditi in 2012, Embibe focuses on technology, analytics and content to get the most important information at the right time and right place to the students. An MBA from Chicago Booth, she has also had stints at consulting firm Bain & Company and Barclays where she worked across the mobile commerce and payments space.
The platform caters to JEE, BITSAT, AIPMT, CET and AIIMS students. The portal claims that more than three lakh students have already appeared for its question paper, and close to a lakh hints, tips and video solutions are being viewed. The cost of Embibe varies between Rs 12,000 and Rs 16,000 for students.
"The Indian test preparation market is a large opportunity with real pain points across content access and improving practice efficiency that Embibe's tech-driven solutions address effectively," said Sampathkumar Pudhukottai from Kalaari Capital.
While starting out, the company was backed by Sandeep Murthy, who was earlier leading the India investments of Silicon Valley VC firms Kleiner Perkins Caufield & Byers and Sherpalo Ventures. Murthy, along with his partners, recently launched Lightbox, a $90 million fund. Embibe is its first investment.
Many startups in the online education space have recently found investor interest. Last month, Learning Edge Academy of Professionals Pvt Ltd (LEAP), an e-learning, educational technology platform, raised an undisclosed amount in an angel round from Sarthi Angel Venture Foundation (SAVF). Prior to that, education products and services startup Skyfi Labs Pvt Ltd also raised an undisclosed amount in funding from Chennai Angels, with participation from Spark Capital.
(Edited by Joby Puthuparampil Johnson)