ForeignAdmits, a Bengaluru-based career counseling and study abroad guidance platform for students and working professionals, has raised $457,000 (INR 3.45 crore) in a seed round led by Unicorn India Ventures.
The round also witnessed participation from well-known angels like RiDiK Technology from Singapore, Manoranjan Mohapatra, Kumar Siddhartha (CEO, Greytrix), Chandra Shekhar Sharma (HoD, Physics, Reliable Institute, Kota), Sudhanshu Mishra, Sagar Gandhi, and Mayank Sharma (India Head of Prodigy Finance).
The fresh funds will be used for product development and for team expansion.
ForeignAdmits is an AI-based online platform that provides admission guidance services to students. It enables students to connect with graduate students and alumni for mentorship. It also offers other services such as the statement of purpose writing services, forex services like money transfer and fee payment, and more.
Some of the well-known alumni networks that ForeignAdmits work with are Columbia, Duke, CMU, Monash, University of Toronto, and ASU.
Founded in 2020 by IIT alums Nikhil Jain and Ashwini Jain, ForeignAdmits has a vast network of successful mentors to guide students to make the right decision and choices for their abroad studies and careers. They assist students with their own experiences and journey and help them. The company is currently present across Mumbai, Pune, Bengaluru, Hyderabad, and Kolkata.
Speaking about the company, Nikhil Jain, Co-founder & CEO of ForeignAdmits, said,
"We want to transform and disrupt the $90 billion global higher education industry by creating the largest online student community to make study abroad accessible and affordable to all high potential students. Studying abroad should not be just an elitist's dream and should be made accessible to all aspiring individuals who aim to achieve their dream of going to college. Our mission is to enable 100 million students in India with quality mentorship to help choose a better career by providing a cutting-edge and comprehensive guidance platform for students aiming to pursue higher education in the best universities of the world."
ForeignAdmits has a "Mentor-Mentee Connect", a personalized mentorship product for aspirants from the quality and verified mentors of top universities of their choice. This ensures that students not only land up with multiple admits but get to their dream college with better awareness of chosen career paths.
Anil Joshi, Managing Partner, Unicorn India Ventures, added,
"Higher education in India is more focused now and producing disciplinary experts and has grown in a remarkable way. The Gross Enrolment Ratio in higher education has been significantly improving every year. With this thought, we have led the round in ForeignAdmits as the education platform is process focused and we have first-hand seen the impact it has made since its inception."
The startup claims to have close to one lakh monthly active users and 1.5 lakh user traffic per month, registering an organic growth of 650 percent in user base and traffic in 2021.
In the next 12 months, ForeignAdmits aims to guide over 25,000 students in their foreign education cycle through a tech-enabled counseling process. The company also plans to empower over 500 counselors to help students with proper guidance through its admission counseling products.