Ingenium, an Indian education technology (edtech) startup, is gearing up to scale its operations and boost its technology after raising an undisclosed amount of funding from angel network Lead Angels.
Indian accelerators iAngel Network, Indian Angel Network, and other investors have also chipped in to provide Ingenium fresh capital to finance its aggressive expansion.
Founded in May 2018, Ingenium provides SaaS platform to small and medium-sized institutes to help them grow and manage their business better. The market is huge for the startup as there are around 6 million small and medium institutes in India.
The startup is providing a full-stack digitization platform to these institutes where they can take their businesses completely online and scale themselves.
So far, the startup has connected over 150,000 students and 3,000 teachers in almost 100 cities all over India.
“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,” said Ingenium CEO Pramduit Somvanshi.
To achieve growth, the startup said it 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,” the startup said in an announcement.
Additionally, Ingenium will be aggressively working on adding new revenue streams by focusing on new opportunities, such as B2B marketplace, content subscription, and adaptive assessments.
Commenting on the latest funding round, Anshu Gupta, ex AVP Investments HT Media and a prominent angel investor who participated in the round through iAngel Network, said Ingenium 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,” Gupta said.