Gurugram-based edtech startup CollegeDekho has raised ₹56 crores ($8 million) in series B round of funding from existing investors GirnarSoft and Man Capital. The funds will be used for geographical expansion, improving technology and branding. The startup will expand its services to cities like Jaipur, Pune, Nagpur, and Bhopal.
The startup will use the funds for geographical expansion, technology, and branding. The company is focused on expanding its services in Tier 2 and Tier 3 cities such as Pune, Jaipur, Nagpur, and Bhopal. Currently, it has a strong hybrid presence, with on-ground cafes in four major cities: Patna, Ranchi, Lucknow, and Guwahati.
Founded by Rucir Arora, Saurabh Jain, Rohit Saha and Rajiv Singh in 2015, CollegeDekho is also the parent company of auto classified startup CarDekho. Currently, CollegeDekho offers both B2B and B2C solutions. Under the B2C model, the startup provides an end-to-end solution to students and helps them with the whole admission procedure. While under its B2B model, it offers digital marketing solutions to clients.
CollegeDekho aggregates information about colleges, courses, entrance exams, admission notifications, changes in exam patterns, scholarships and several other career and education related topics. The startup also provides in-house expert counselors who provide one-on-one counseling to students.
“The company has grown by 100% every year for the last 3 years and we keep focussing on accelerating this growth. With our reach expanding nationally and internationally, we are excited to put the company on a rapid growth trajectory,” said Ruchir Arora, co-founder, and CEO, CollegeDekho.
The startup has facilitated more than 8,000 admissions in the last financial year. It aims to facilitate more than 20,000 admissions by the end of the current financial year. CollegeDekho aims to reduce the dependency on middlemen. The startup earns its revenue by acting as a marketing arm for the universities. Some of its clients include Amity University and Bharat University.
Earlier in February 2018, the startup raised ₹14 crores ($2 million) from GirnarSoft and Man Capital. Prior to that, it raised another ₹14 crore ($2 million) from Man Capital in April 2016 and ₹7 crores ($1 million) from GirnarSoft in December 2015. The startup has raised a total of ₹84 crores ($12 million) since its inception.
A Google-KPMG report predicts that the online education sector in India will witness an 8 fold growth in the next five years. From 2014 to 2018, more than 185 edtech startups received a total of $1.3 billion in venture capital fund. However, more than 75% of the total funding was raised by just four startups – Toppr, Unacademy, Vedantu, and BYJU’s. Some other notable startups in this space ar Cuemath, Simplilearn, and Meritnation.