Online education firm RankJunction has raised undisclosed amount of investment from Indian Angel Network (IAN). The investment was led by IAN members Jay Chopde and Ravi Kiran, with both the members joining the company board.
The company plans to use the funding raised to strengthen its product development. It also plans to use the investment to launch more paid tests, add more coaching classes on the portal, introduce new courses to the students and create alternated distribution channels.
Launched in 2011, Nagpur-based RankJunction offers a mock test platform for various competitive exams like IIT JEE, Medical PG Entrance, Common Law Admission Test (CLAT), Bank Probationary Officer Exam among others to students. The company claims to have 1 lakh users from more than 1,000 locations across the country.
Offerings: When we checked, we noticed that RankJunction currently offers two types of tests – Live Tests and Practice Tests. Live Tests are pre-scheduled tests for a specific subject which can be taken by students at a specific time period, while Practice Tests are on-demand tests which students can take to improve their knowledge and exam taking ability.
The company says that it provides students with a rank and a performance analysis of their answers for live tests, while it provides only performance analysis for practice tests.
Pricing: RankJunction currently offers a mixture of free and paid tests for both live and practice tests. While the free tests can be taken by registering for an account on the site, we noticed that one cannot pay to take a single test at present, Rather, one needs to purchase a subscription plan whose prices varies depending upon the exam.
Other Investments in the Education Segment:
In December 2012, Indiagames founder Vishal Gondal had invested in a similar online education startup called Examify, which was looking to offer exam question papers online and use algorithms and crowd sourcing data to generate intelligence around various examinations, enabling students to filter out important topics and questions. The company is currently in invite-only mode.
Besides this, Applect Learning Systems, which runs the e-learning site MeritNation, had raised Rs 30 crore funding from Info Edge India last month, while a Hyderabad based digital content startup Learnpedia had secured an undisclosed sum of funding from Ixora Ventures and a consortium of angel investors.
Pearson had also acquired remaining 20% equity in the online tutoring portal TutorVista, following which, the founders Krishnan Ganesh and Meera Ganesh had exited the company and Pearson had appointed Pearson Education Services COO Srikanth B Iyer as the new CEO of TutorVista.