SucSEED adds EduGorilla to its Indovation portfolio!!
EduGorilla It is one of the largest education communities helping students in test preparation for regional and government competitive exams. It is an EdTech company that offers various educational resources like Online Test Series, Video Classes, and Books for state-level and lesser-known exams. Its vision encapsulates helping students to crack their exams with a success rate of 14x. It has raised funding of ₹16.5 Crores in a round led by SucSEED Indovation Fund, which also saw participation from Lead Angels Fund, Mumbai Angels, TiE India, VG Angels, WeFounderCircle, Ah Ventures and some of the notable super angels, including Ambrish Jain (ex COO of Vodafone); Vivek Chachra (Director Sales of Harvard Business Publication), Vineet Singh (Director- Infant Nutrition at Nestle), Rohit Sathe (VP Philips).
With this round of funding, EduGorilla gets help to bring quality education in the preferred vernacular language to the doorstep of the students and increase their chances of recruitment.
EduGorilla has witnessed 220% growth in the first half of FY 2021–22. It plans to expand its business into new states, to maintain the growth story. Through its six patents, they have fast-tracked the process of curating educational content, synchronizing its availability with the exam schedule, and helping the students ace the exam with flying colors.
It has AI and ML-driven question banks, and mock tests to give a holistic experience of the exam including guidance for test preparation. Other than English, they also offer vernacular content in 3 languages- Hindi, Kannada, and Gujarati- to target both urban and rural populations with 6x speed delivery in content.
Most of the competitors like Byju’s, Unacademy, Vedantu, etc are focusing on providing content for medical/ engineering and management tests while EduGorilla is building Intellectual Property (IP) around the content for state-level exams for defense, police, and other administrative posts.
It has gamified content on the platform to gain application in form of simulation of concepts, incentive-based learning, level acquisition badges, etc. to drive the user engagement and increase knowledge acquisition. Their strategy of onboarding tuition centers on their platform through the B2B2C channel is unique, while the competitors like Byjus, Unacademy, etc are focusing only on the B2C channel.
EduGorilla’s vision was commended by Shri Narendra Modi, Prime Minister of India and Shri Yogi Adityanath, Chief Minister, Uttar Pradesh, at the Invest in UP GBC 3.0. Both of them have appreciated EduGorilla’s work and its vision of solving the problem at the grass-root-level.
EduGorilla is founded by Rohit Manglik and Shaswat Vikram. Rohit comes with 11+ years of experience in the education, IT, and financial services sectors. He is an Ex-Oracle, Morgan Stanley, D. E. Shaw. He is an alumnus of NIT Surathkal. Whereas, Shaswat has 5+ years of experience in product building. He is an expert in AI/ ML and filed 6 patents, and built the whole Edugorilla from scratch.
“Over 70% of our students hail from rural India, and a majority of them are not well-versed in English, making it essential to focus on vernacular languages as we reach out to a 7.5 crore student base in tier 2 & 3 cities and villages. This funding will help us bring quality education in their preferred vernacular language at their doorstep and increase their chances of recruitment,” said Rohit Manglik, Founder & CEO, EduGorilla.
“EduGorilla has developed AI and ML-based tech that have completely replaced the middleman and the warehousing model, enabling us to reach the students with our books and mock tests within 5 days and 48 hours respectively, increasing our sales window by 6x,” said Shaswat Vikram, Co-Founder & CTO, EduGorilla.
Speaking on investing in EduGorilla, Vikrant Varshney, Co-Founder & Managing Partner of SucSEED Indovation Fund said, “With the advancement of AI tech, the market for online test preparation has experienced a CAGR of 64% over the past five years, yet 90% of test preparation centers are in the unorganized segment, showing a huge addressable market. While most startups in this segment offer coaching services, EduGorilla differentiates itself through its content and test preparation materials. It offers an online simulation of state competitive exams in vernacular languages. During our past two years of association with EduGorilla through SucSEED Angel Network, we have noticed that their biggest differentiator, is their dedication to increasing student success rates, which culminated into a beginning of hockey-stick growth for their business too”
“The online test preparation market is witnessing rapid growth amidst pandemic-induced disruption in the education ecosystem. Given the high demand for government exam courses and the escalating growth in the number of competitive exam aspirants from tier 2 & 3 markets, the offerings of EduGorilla in vernacular languages hold huge potential in bridging the gap. I wish great success to EduGorilla in its phygital endeavors as it makes quality education available for all aspiring youngsters,” said Nandini Mansighka, CEO & Co-Founder of Mumbai Angels.
About SucSEED Indovation Fund — SucSEED Indovation Fund (SIF) is an AIF Cat-1 Venture Capital Angel Fund with a ₹100 crore corpus and has grown out of SucSEED Angel Network (SAN) and IIITH Tech Ventures, an early-stage tech seed initiative with IIIT Hyderabad Foundation. General Partners of the Indovation Fund have 100+ years of cumulative experience within technology, fund management, and start-up ecosystem and have already invested in 60+ startups. SIF attempts to support Indian Innovation for mass needs in the following Six (6) sectors — EdTech, FinTech, Health-tech, Security & RegTech, Enterprise & MSME SaAS, and Digital Economy & Emerging Tech.
https://entrackr.com/2022/06/funding-and-acquisitions-in-indian-startups-this-week-06-june-11-june/