ixamBee, an online learning platform focused on government jobs, has raised an undisclosed amount of funding in a round led by Mumbai Angels.
The round also saw participation from external investors, including existing backer and MakeMyTrip co-founder Keyur Joshi.
Founded in 2017 by Chandraprakash Joshi, Arunima Sinha, and Sandeep Singh, ixamBee provides learning courses for competitive exams for jobs in central and state government, as well as banks and other public sector organizations. The platform offers learning materials and free mock tests specially designed for students living in rural and semi-urban areas of the country. It uses text, audio, and video formats to create unlimited and free mock test attempts for various competitive exams.
ixamBee offers learning courses for more than 10 exams and mock tests for more than 50 exams for aspirants across the country. The startup claims to have served more than 5 million students.
Speaking about the company and on the funding, Chandraprakash Joshi, co-founder and CEO of ixamBee, said,
“At the beginning of the lockdown, we were worried. However, we tweeked the strategy and during the last two quarters we observed more than 100% revenue growth. This has made the team more resilient and the business stronger. Mumbai Angels led investment at this stage is going to help us to make ixamBee’s learning experience (iLX) superior while accelerating our growth multiple times.”
The company plans to use the fresh capital to enhance its technological infrastructure and product offerings for better customer experience and in developing content for courses for various government jobs, according to a statement. It also plans to use the funds to increase its reach through various marketing channels, and also spread exam awareness amongst prospective aspirants, the statement added.
Commenting on the funding, Nandini Mansinghka, co-promoter and CEO at Mumbai Angels Network, said,
“We are happy to welcome ixamBee to our portfolio. The platform is created by an experienced and super talented team who have incorporated online courses for government jobs plus mock tests which provides a 360-degree training to the aspirant leading to accelerate growth.”
Earlier, the Delhi-based education technology company said that it has plans to keep investing into the business to launch more courses, a mobile app, and add more languages on the platform and has aims to reach five million students and annual revenue of over Rs.10 crore by 2021.