There’s more money for the ed-tech sector. iDreamCareer.com, a career planning startup has raised an undisclosed amount in pre-series A round from Brand Capital.
Brand Capital is a strategic investment arm of Bennett, Coleman & Co Ltd (BCCL), India’s largest media conglomerat which owns and operates properties like Times Group.
Commenting about this funding round, Puneet Suri, Director, Brand Capital said,
Disruptive impact on higher education discovery using technology & experienced counsellors is the kind of product every parent would be happy to use and thereby ticked all the right boxes for us. The Times Group’s widely-accessed media platforms will help iDC in rapid customer adoption thus helping millions of students access unbiased quality career guidance.
With this newly raised capital, the company will now be able to expand its presence in around 15 cities across the nation. It is also planning to develop complementing products in the form of assessment and mentoring tools. As per the company, for its next growth phase, it is planning to raise around $5 million in its upcoming Series A round by the end of this year.
Founded in 2013 by Ayush Bansal and Pravesh Dudani, iDreamCareer.com provides scientific and unbiased career guidance to high school & college students.
It believes to be a perfect match for the educational and career counselling needs of today. The personalized program offered, handholds students over a period of 2-3 years and helps them take a successful transition from high school to college.
The program covers the entire transition which starts from career exploration, identifying student’s potential, finding the right career fit ,stream selection to ultimately completing it with the college admission & selection process.
Earlier, in 2014, iDreamCareer had raised an undisclosed amount in its seed funding round from Mr G.K Sinha and subsequently raised another funding round from ah! Ventures with investors Mohit Satyanand, Vivek Joshi, Indian Design Group & others participating in the deal.
Post its funding round in August 2015, the company changed its targeting proposition and made a complete transition to B2C model. As per the company, that move resulted in the increase in its ARPU by 4X and its user base by 20X in the last 100 days.
Ayush Bansal, co-founder and CEO of iDreamCareer.com, said,
With a B2C focus, Brand Capital investment would help us to create a trusted brand in the space of career planning. Concurrently our focus is also to add complementing Ed-Tech products & tools to increase our offering horizontally. We look to invest more on research after raising a Series-A round by end of this year. With a right combination of online & offline delivery, we have successfully solved the key challenge of scalability in this space without diluting the quality. Our team is excited with the growth of the company and we look forward to build India’s first trusted career planning brand.
Other ed-tech startups which has recently raised funding includes Oliveboard, FlipClass, Oust Labs, Myly, Schoolguru, Career Power, among others.