In recent past, apart from usual e-commerce, retail, food delivery startups, ed-tech startups offering online learning experience have emerged as an attractive option for investors. On that optimistic note, another ed-tech online test preparation startup Oliveboard, has secured funding from India Educational Investment Fund.
Bangalore-based Oliveboard offers online test preparations of MBA, Banking and government exams. It will use the freshly raised funds to create new content; increase marketing efforts and strengthen its mobile technology.
We’re excited about working with IEIF and will continue to use technology to deliver education in newer, more effective ways while still keeping it affordable,
said Abhishek Patil, Chief Executive Officer, OliveBoard, in a statement.
Oliveboard claims to have over 260000 registered users from 28 states and 680+ cities and towns across India on its platform. At present, it offers preparation for 15 competitive exams across Banking, MBA, and Government and Insurance exam categories.
With most competitive exams being conducted online, young adults preparing for these exams are increasingly looking at online courses as an alternative to books and institutes. We provide these aspirants with a one-stop place for all learning and practice with their study synchronized across mobile and PC.
Oliveboard was founded in 2012 by former Inmobi employees who aim to provide a personalised online study experience to the users through Oliveboard.
We are excited to partner with OliveBoard as it is one of the few companies that is going about the individual subscription model for paying users in a highly competitive online solutions market.
said Vishal Bharat, director of corporate business advisors, IEIF.
IEIF is an early-stage impact investment fund established by the Michael & Susan Dell Foundation which is focussed on startups in education sector.
Commenting on the investment strategy of IEIF, Vishal said,
At IEIF we are keen to see more young entrepreneurs focused on enabling education solutions to the lower income sections of society, hence we are working on expanding our mandate to growth opportunities besides seed rounds.
Before Oliveboard, IEIF had invested in a number of ed tech ventures such as analytics based learning platform Report Bee Edusys Pvt Ltd; skill training startup iSTAR Skill Development; test prep startup Avanti Learning Centres; and Guru-G Learning Labs (India) Pvt. Ltd offers an app-based gaming platform to teachers.
Oliveboard competes with many other test preparation and online education startups such as Byju’s, MockBank, Toppr, OnlineTyari, MeritNation to name a few. According to data by startup tracking company Tracxn, these ed tech startups raised $70 million.
And this year may prove to be a lot bigger for the segment with “Byju’s” surpassing that number alone by scooping a staggering $75 million from Sequoia Capital last month.