Trivandrum-based edtech startup ConceptOwl has raised ₹3.5 crores from Indian Angel Network (IAN), the single largest horizontal seed stage platform in the country. Angel investors including KRS Jamwal, Ankit Somani and Mitesh Shah led the funding round. Ankit Somani has joined the board.
The startup plans to use the freshly raised capital to diversify its product offerings and accelerate its sales and marketing efforts.
Founded by Rajan Singh, an IITian turned Police Commissioner turned entrepreneur, ConceptOwl delivers online classes of subjects like Science and Mathematics to school students in tier II and tier III cities at affordable prices. The startup targets students who are unable to find quality coaching locally and bear the expenses of living in cities like Kota, Hyderabad, and Delhi for their education.
Speaking on the investment, Ankit Somani, Lead Investor, IAN, said, “On one hand, there are multiple coaching centers in India that follow the traditional in-classroom style of teaching. On the other hand, there are edtech teaching platforms that impart self-paced learning entirely through the digital medium. ConceptOwl combines the best of both worlds. It is this innovative model which assures us of the merit of our investment. We eagerly look forward to helping this high-potential start-up to transform the Indian coaching landscape for the better.”
The startup is targeting the hyper-growth in a market estimated to be worth ₹20,000 crores. ConceptOwl’s digital platform combines real-time interaction with quality learning material and leverages a two-teacher model to deliver the best quality education to students. This methodology replaces traditional teachers with local instructors who use engaging video recordings of high-profile teachers to provide a quality learning experience.
Rajan Singh, Founder, and CEO, ConceptOwl, said, “Although online courses do exist, students mostly find learning in a classroom setting more comfortable. It is understandable as it is difficult to not get distracted by other functions of a digital device at such a tender age. On the other hand, due to the absence of good quality tuitions and coaching services in Tier-2 and Tier-3 cities in the country, most of the high-potential students end up falling short of receiving the kind of education they deserve. It is here that ConceptOwl steps into the picture. We deliver quality education to students through a team of trained instructors and a vault of engaging video content at extremely affordable prices. We are thankful for the support we have received from IAN. We will utilize the investment to further bolster the quality of our current offerings while bringing more vernacular languages into the scope of our services, and to boost our marketing and sales.”
ConceptOwl is working towards building the largest doubt-solving repository of frequently asked questions powered by artificial intelligence and machine learning. The startup further plans to produce more engaging content in Hindi and other vernacular languages. The startup will also launch a franchise program to enroll small tuition centers onto its program in order to strengthen its doubt-support program.
The investor, Indian Angel Network is the world’s largest angel network with around 500 active members from 11 countries. IAN has invested in startups like WebEngage, Druva, Box8, Sapience Analytics, WOW Momos, Consure and many others. It has also launched a ₹450 crores venture capital fund to invest ₹25 lakhs to ₹50 crores in Indian startups.