Education start-up IndiaCollegeSearch has secured undisclosed amount of funding from Indian Angel Network. This investment round was led by Vikram Kant Upadhyaya, Anupam Mittal and Varun Khurana. Vikram Kant Upadhyaya and Varun Khurana will also join the company’s board.
Speaking to Medianama, Anirudh Motwani, Co-founder of IndiaCollegeSearch says that the funds will be used for product and business development. The company also plans to launch an application management platform for colleges to collate online and offline applications. The platform will also be available to colleges that don’t use their services.
Motwani adds that the company targets colleges that want increase their student in-take, create awareness and keep their curriculum up-to-date.
Founded by Anirudh Motwani and Parul Bansal in 2010, the company claims to provide information on more than 7,021 colleges out of which 1200 of them are maintained by the colleges and 45 of them are paid customers of the website. The website also claims to have processed over 50,000 college applications in 2013. Their clientele includes Alliance University, ICFAI, Amrita Vishwa Vidyapeetam University, Jindal Global University, among others.
IndiaCollegeSearch presently offers information on different colleges and universities in India, entrance exams, college news and other college events in the country. When we checked the website, we noticed that interested candidates can apply to different educational institutions through their website. People can also search for institutions based on the professional stream of their choice like management, hotel management, pharmacy, medical, law, among others. When we checked, we noticed that the website doesn’t provide information on arts & science colleges in the country.
Colleges can presently list information on the website, manage their account, get applications and basic analytics for free. The website currently seems to be monetising through featured listings by educational institutions based on specific courses offered, geographies, among others. Colleges can also choose to get paid analytics from the website.
The company is positioning itself differently from a classifieds by offering organised listings and staying away from lead generation, explains Motwani. However, we believe that the business model is not far away from a classifieds business. Going by the classifieds business model, the company could look into paid subscriptions and value-add services like career counselling. The company plans to introduce counselling a few years down the line, however they intend to keep the platform free for students.
Other investments in education sector:
In May 2013, online education startup EduKart had raised $500,000 from a group of angel and institutional investors including Kima Ventures, AKM Systems, Vibhor Mehra, Amit Patni and Arihant Patni, and an undisclosed Stanford alumni. Existing investors One97 founder & MD Vijay Shekhar Sharma(Founder, One97 Communications) and former Providence Capital director Manish Kheterpal have also participated in the current round.
In April 2013, education company, Educomp had sold 50% of its stake in IndiaCan, a vocational training business to its JV partner Pearson. In March 2013, online test platform Rank Junction had raised undisclosed amount of money from Indian Angel Network.
In the same month, Education and school products focused e-commerce venture Skoolshop.com had raised series A funding from Blume Ventures & others. E-learning site MeritNation, had also raised Rs 30 crore funding from Info Edge (India) in February 2013, while Pearson had acquired the remaining 20% stake in TutorVista and had appointed Srikanth B Iyer as the new CEO of TutorVista.
*Disclosure: Accentium is founded by MediaNama founder Nikhil Pahwa’s cousin Vivek Pahwa