KopyKitab, a Bengaluru-based digital learning platform, has raised an undisclosed amount in a fresh funding round from a clutch of institutional and angel investors.
Participants in the round include Singapore-based Pacatolus Ventures, Stanford Angels Network (led by Paula Mariwala), and individual investors such as Praveen Gandhi, Jeenendra Bhandari, Mohit Dubey, and Manoj Mehta, according to a statement.
Founded in 2014 by Sumeet Verma and Amit Shrivastava, KopyKitab operates as a one-stop destination for higher education students, offering full-stack solutions for personalized learning. The platform focuses and caters to all higher education needs, including coursework and competitive exams. The company claims to have a user base of 5 million, with 6 million app downloads and a presence in over 400 campuses.
Speaking about the company and its plans, Sumeet Verma, Co-founder and CEO, KopyKitab, said in a statement,
“There are 40,000 institutes in India with 60% plus gap in quality faculty and curated content in a highly scattered market. KopyKitab has witnessed a massive growth, with changing consumer behaviours due to the pandemic, and with 68% of the traffic coming from Tier II and Tier III towns validates our business model.”
“Our aim is to address the underserved market of higher education. As one size does not fit all, higher education is very regional and run on a push from its users. Every student from a different institute and region has a different way of studying and this is what KopyKitab continues to address. It helps students to manage their whole learning cycle right from all the formats of curated content i.e. books, notes, assessments etc. to the tutorials in 7 different languages. We have evolved as one-stop destination for higher education students. We believe this support from our investors will help strengthen our performance metrics further and reach our target of 10 million users by the year end.”
The startup plans to use the latest funding to further improve its technology and expand its scope within the ecosystem.
Commenting on the funding, Praveen Gandhi, angel investor, said,
“We believe in the model of KopyKitab and that’s why we have backed the team from their early days. Unlike other EdTech players, KopyKitab focuses on demand from the students’ side and works to give them what they need to further excel in their studies and outcomes. That makes them a very student-centric platform....Given that, we see KopyKitab has created very strong moats and emerging as one of the most formidable names in the EdTech space, we decided to provide them with additional funds to help them achieve even bigger milestones as they get ready for a bigger round.”
KopyKitab claims to have witnessed a growth rate of nearly 200% in the past 6-7 months. The minimum average reading time on its platform is now 25 minutes per session, with 80% repeat traffic.
Earlier, the Bengaluru-based startup had raised $2 million from CBA Capital, Pacatolus and other angel investors.