ImaginXP, a Pune-based EdTech startup that helps universities provide degree programs and certification courses, has raised $1.5 million in a new funding round.
The Pre-Series A funding round was led by startup incubator and accelerator Venture Catalysts, and it saw participation from other investors, including Shashank Deshpande, Krish Kupatjil, Samyakth Capital, among others.
According to a press statement, the startup aims to utilize the fresh funds to accelerate growth in its B2B higher education model, and the funding is aimed at accelerating both offline and online degree programs.
Started by Shishir Kumar and Shashank Shwet in 2013, ImaginXP seeks to fill the employability skill gap by providing future skills degree programs and for-credit certification courses with a corporate-led curriculum, trained faculty, and a coaching platform. The startup provides Bachelor of Design (B.Des), Master of Design (M.Des), BBA, MBA, BSc, and BTech degrees in partnership in universities.
ImaginXP’s ‘MyCoach’ platform connects companies and startups to students, and it brings more than 1,250 corporate coaches who provide mentorship and live projects for students.
Speaking about the company, Shishir Kumar, Director General at ImaginXP, said,
“ImaginXP is partnering with universities to give them access to a world-class curriculum with an industry-partnered delivery model. We aim at making our partners feature in the top 500 universities of the world…Our test of time was during the pandemic when the traditional university model got disrupted. We quickly scaled up our digital platform MyCoach to provide for-credit courses to the universities and engage the students on their behalf.”
ImaginXP says it has partnered with 22 universities across the country and currently employs more than 70 full-time faculty members.
Commenting on the funding, Anuj Golecha, Co-founder of Venture Catalysts, said in a statement,
“ImaginXP has a proven revenue model with universities to help them increase their capacity by providing future skills and a focus on student RoI (return on investment). The MyCoach platform with such a huge captive TAM (Total Addressable Market) and online degrees has digitally accelerated the company to a three times growth trajectory over the last two years. The impressive hold over the higher education market led us to partner with the team."
ImaginXP claims to have 2,500 students studying full-time degree programs, with more than 15,000 using the MyCoach platform. It currently collaborates with universities such as Chitkara University, DIT University, and Jagran Lakecity University, among others.