Kolkata-based Eazy Coach Educational Solutions Pvt Ltd, the company behind Eazy Coach, will use the money to launch a mobile app and to expand the range of its services, Om Agarwal, the startup's 22-year old founder, told Techcircle.in. The company was registered in 2013 but operations began this year.
"Being a law student, the first thing I did was to register the company, along with other formalities. However, due to my commitment towards law school, I couldn't really get past the 'research phase'. Now, I have gone all-in and have started executing," said Agarwal.
Eazy Coach runs a peer-to-peer marketplace to help aspirants get admissions-related advice for colleges. It helps students to prepare for specific exams in foreign universities. The startup also connects students with corporates for educational loans.
India's total education sector market is pegged over $60 billion. Of this, approximately 50 per cent is spent on higher education, 40 per cent in K12 sector and 10 per cent in coaching, skilling and other non-formal areas.
According to Ken Research, India's e-learning market is expected to grow at a compounded annual rate of 18 per cent to touch $1.29 billion (Rs 7,869 crore) by FY18.
Other recent investments in the education sector includes Bangalore-based Suphalaam Technologies Pvt Ltd, owner of online education marketplace CAKART.in, which had raised an undisclosed amount in angel funding from Sunil Maheshwari and other unnamed investors.
Chennai-based Edsix Brain Lab Pvt Ltd, which runs a gamified skill assessment and enhancement platform for K-12 students, had also raised an undisclosed amount in a second round of angel funding from Sprout Angels LLP.
Info Edge (India) Ltd, which runs a slew of internet properties such as Naukri, 99acres, Jeevansathi and Shiksha among others invested an additional Rs 25 crore ($4 million) in Applect Learning Systems Pvt Ltd, which operates the online education and assessment venture Meritnation.
Recently, Liga Edutech Pvt Ltd, a Bengaluru-based co-scholastic assessment platform for schools, acquired another startup in the field Learning Outcomes Solutions Pvt Ltd (Learning Outcomes) for close to Rs 6 crore (around $950,000).