Ingenium – a new age EdTech startup has recently raised an undisclosed amount of funding in the seed round from India Accelerator’s iAngel Network, Lead Angels, Indian Angel Network and other investors.
IAN had previously invested in Ingenium early last year and after witnessing the growth and progress made by the startup IAN has invested again. Incubated and mentored by India Accelerator, the innovative startup is providing SaaS platform to small and medium sized institutes and helping them to grow and manage their business better.
There are around 6 million small and medium institutes in India. Current covid situation and rise of competitive EdTech companies have compelled these institutes to adopt digitization. Ingenium is providing a full stack digitization platform to these institutes where they can take their institute completely online and scale themselves. Adaptive assessment, in depth academic analysis, real time teacher-student-parent interaction is something that is making these institutes adopt the platform.
Delighted with the fundraising, Pramudit Somvanshi, CEO of Ingenium said, “We are thrilled with the opportunity that this investment round has given to us. It will help us to scale, hire more people, make our product seamless for our customers, and introduce new features and revenue streams.”
“We are impressed with the idea of Ingenium and excited to back a tech-enabled EdTech startup that is committed to bringing a change in the existing education system. The perseverance of the founders and the relentless efforts of their team in reaching out to the institutes and academic channel partners displays their deep understanding and dedication to be a forerunner in the market.
We are confident that Ingenium is will be consistent in offering a distinguished product to educators of Bharat with a sustainable business model”, said Anshu Gupta, ex AVP Investments HT Media and a prominent angel investor, who participated in the round through IA’s iAngel Network.
To achieve the projected scale, Ingenium will focus on forming channel partnerships with already existing resellers in the market, hyperlocal companies in tier 2 and tier 3 cities. It will provide the tremendous boost that the company requires for achieving the projected scale of business. Additionally, the startup will be aggressively working on adding new revenue streams by focusing on new opportunities such as B2B market place, content subscription and adaptive assessments. As a result, Ingenium can focus on creating a distinguished market identity. Founded in May 2018 by PramuditSomvanshi (IIT Roorkee 2018), Mohit Patel (IIT Roorkee 2018) and Aakash Gupta (IHM Mumbai , 2017), Ingenium provides state of the art mobile application and web portal to coaching institutes, schools, home tutors and parents. The app boasts a combination of administrative, academic and marketing features. In a short span, the startup has connected over 150,000 students, 3,000 teachers in almost 100 cities all over India as of 30 April 2021. Furthermore, the startup is witnessing it’s best month regarding sales during April 2021 and is poised to scale even further.