New Delhi: Online learning platform ixamBee, which focuses on helping Indian government job aspirants prepare for competitive exams, has secured equity funding of Rs 11 crore in its latest funding round. S Chand & Company, IPV, Mukesh Sharma Family Trust, Keiretsu Forum, SAN Angles, Mumbai Angels, and Keyur Joshi, the co-founder of MakeMyTrip, were among the investors in the round. ixamBee was founded in 2016 by Chandraprakash Joshi, Arunima Sinha and Sandeep Singh.
The platform operates on a freemium business model, with free mock tests offered for over 100 exams. It claims to have reached more than 12 million students, with 1.9 million registered on the platform. The funds will be used to enhance its range of study materials, practice tests, interactive learning tools and personalisation features under the iLX umbrella.
Commenting on the fundraise, Chandraprakash, co-founder and CEO of ixamBee, said: “This collaboration will exponentially increase the reach of ixamBee Learning Experience (iLX). The funds raised will be utilised to drive growth by launching additional learning programs, investing in content development, marketing initiatives, and technology enhancements.”
Vinay Bansal, founder and CEO of Inflection Point Venture, added: “The edtech market for higher education continues to expand rapidly and is one of the fastest-growing segments within the sector. The platform is assisting millions of students in accessing exam papers and study materials to prepare for their careers. We resonate with the purpose of their business and have chosen to invest in the company.”
The newly secured funds will be used to drive growth by launching additional learning programs and investing in content development, marketing, and technology. Prior to this funding round, ixamBee had secured investments from Mumbai Angels Network and JITO Angel Network, while Keyur Joshi and Vishal Gandhi, founder and CEO of BVA (BIORx Venture Advisors), acted as the financial advisor in both the primary and secondary funding rounds facilitated by S Chand and Mukesh Sharma Trust.