Oliveboard, an online exam preparation platform, has raised ₹23 crore (over $3.8 million) in a Pre-series A funding round led by IAN Fund, with participation from Education Catalyst Fund (ECF) and Yukti Securities.
According to a press statement, the funding will enable the Bengaluru-based startup to expand its number of national-level courses and exams and to add state-level categories. The startup will further focus on investing in technology for interactive data-driven products, which will lead to customized learning at a more granular level for individuals.
Oliveboard was founded by Abhisekh Patil and V Satish Kumar in 2015 after identifying a huge gap in the accessibility of quality coaching and test preparation for government and quasi-government jobs in Tier 2 and Tier 3 cities. The EdTech platform, which focuses on the aspirational student base, provides access to affordable and high-quality coaching to graduates preparing for jobs in the government sector. It currently supports 50 government exams and has over 8 million users spanning over 2500 cities and towns in India.
Speaking about the company, Abhishek Patil, Co-founder of Oliveboard, said in a statement,
“There is no one-size-fits-all approach. We follow a personalized approach to learning that offers convenience and flexibility to aspirants preparing for government exams. Our key focus area is to provide data-driven personalized coaching to each learner based on their preparation levels for an exam. Given our success in the banking and insurance exam category, we are well-positioned to expand our offerings seamlessly into other newer and lesser-served exam categories. We are thankful for the faith and support of IAN Fund, ECF, and Yukti Securities.”
Oliveboard’s adaptive platform uses a data-driven approach for intelligent learning and offers up-to-date exam content, complete course material, extensive online test series, analytics for instant feedback, customized study planners, LIVE group practice sessions, among others.
Sudipta Gautam, Managing Partner, IAN Fund, commented on the funding,
“The market size of the government job entrance exam preparation industry in India is estimated to be nearly ₹400 billion. Before March 2020, a large portion of this market was dominated by offline coaching institutes and the pandemic has been a catalyst in the adoption of online solutions. This market is bound to grow as the demand for test preparation has been stimulated by the increasing internet penetration in Tier 2 and Tier 3 cities in the country. We are delighted to see how EdTech startups like Oliveboard are combining their educational expertise with technology and helping thousands of aspirants in their preparation for government jobs.”
Oliveboard plans to add over 100 various national and state-level exams to its boutique of offerings in the coming years.