ixamBee has secured Rs 5 crore in its pre-Series A round of funding led by Inflection Point Ventures (IPV). The funding round saw participation from existing investors, including SAN Angels, Mumbai Angels, Keyur Joshi, and Narendra Shyamsukha.
The startup is backed by various venture capital investors and angel investors, which include Caspian Debt, Indian Angel Network, JITO Angel Network (Jain International Trade Network), and Xseed Partners. ixamBee is supported by incubators and accelerators such as the Indian School of Business Dlabs, Hyderabad, and T-Hub Foundation, Hyderabad.
Vijay Bansal, Founder, and CEO, Inflection Point Ventures, said, “The ed-tech market for higher education continues to grow and is one of the fastest-growing segments within ed-tech. ixamBee is addressing an ever-growing market opportunity as lakhs of aspirants appear for competitive exams every year. The preparation for such exams is nothing short of an unrelenting focus. ixamBee is helping millions of students have access to exam papers and notes to prepare for their careers. We are aligned with the purpose of their business and chose to invest in the company.”
Chandraprakash Joshi, Co-Founder of ixamBee, stated, “IPV’s due diligence is driven by a deep understanding of the sector. During the process of doing the unit cost analysis, we learned new insights about our business. We have also piloted a new business opportunity by leveraging the data of about 2 million registered students at ixamBee.”
He further added, “The current environment is very favourable for the business growth of ixamBee. This funding is going to enable us to grow our reach fivefold and help small students get their dream jobs.”
Previously, ixamBee had raised $300,000 in a seed funding round from Caspian Debt in January 2022. The 2021 funding round was led by JITO Angel Network and Mumbai Angels.
ixamBee was founded by Chandraprakash Joshi, Arunima Sinha, and Sandeep Singh in 2016. The startup focuses on helping students prepare for recruitment exams at SEBI, RBI, NABARD, public sector banks, insurance companies, and SSC, among others.
ixamBee (iLX) offers a range of practice tests and learning tools that are interactive. The startup also provides an online platform for students who prefer a traditional approach to study.
According to the company, the platform is currently functional in a few select cities.
The ed-tech-based startup will further utilise the funds for marketing, content development, and technology.
