Mumbai-based Embibe which offers online test prep for engineering entrance exams, has raised $4M from Kalaari Capital and Lightbox reports The Times of India.
The funding will be used to further develop the product, to add new courses and to expand into other emerging markets like China.
Founded in 2012 by Aditi Avasthi, Embibe currently has around 15.000 students using the product. Before returning to India to launch her startup that is built on her experiences preparing for the entrance exam at IIT, Avashti worked in the mobile commerce and payments space in the US and Africa.
The startup’s platform is data and analytics driven, offering students a personalized learning experience. Embibe’s technology also predicts which chapters will be part of the entrance exam, helping students to learn more in a more focused way. The platform also offers video tutorials, daily tracking of progress, performance comparison, study groups and mobile apps. Embibe plans to expand its test prep services into other verticals like medical test prep down the road.
The Indian test prep market is estimated at $8 billion with engineering and medical entrance exams being the main revenue drivers according to The Times of India. The established brick and mortar based institutions face growing competition from web based startups like Embibe that offer their service at a third of the price.
Embibe is the first investment of Lightbox, a new $90 million fund launched by Sandeep Murthy and partners. Murthy had previously been leading the Indian investments of Kleiner Perkins Caufield & Byers and Sherpalo Ventures and was an early investor in Embibe.
- Investors back test prep site Embibe | Times of India