Ednovate, an EdTech platform whose idea is to innovate education for Commerce students has raised an undisclosed amount in Series A funding round led by Dr Vinay Jain, with participation from Chairman Witty Group of Institutions, Ajay Sarupria, well renowned angel investor and Kaushik Mehta.
The Mumbai-based startup plans to use the latest funds for its rapid expansion, scaling its operations PAN India and globally.
Started in March 2021 by Ashish Shah, Ednovate is a platform for Commerce students and aims to provide a one-stop shop solution to CA students and handhold them through their entire journey of CA. It is currently servicing commerce and CA students and proposes to foray into CS, CFA and other courses. The platform provides highly conceptual learning which ignites student's thinking capability. It also offers a student friendly environment, nurtures and encourages the best performance of students.
Ednovate is conceptualized to solve the pain points in Chartered Accountancy ('CA') and Commerce Coaching and aims to revolutionize and innovate teaching methodologies for the unorganized coaching industry in India. The startup was pioneer in starting zoom live interactive classes for CA students during pandemic. It was envisioned by a team of well renowned professors with a vision to bring quality in professional teaching at students' doorsteps.
Speaking on the success of the company's latest round of funding, Founder and CEO of Ednovate, Ashish Shah, said:
"Ednovate was born out of passion to provide quality education to CA and commerce stream and to solve the pain points of the students in their journey. We launched Ednovate during a pandemic to revolutionize the Commerce Coaching industry and for the first time provide live interactive zoom lectures to students including doubt solving sessions, test series, Know Your Report and handholding students for their teaching needs."
Shah further added:
"In a short span of 12 months, Ednovate has more than 2500+ students on board which truly speaks about the quality of our services and education to our students. I want to build a self-sustainable profit-making business for my investors. I am very excited to bring Dr. Vinay Jain, Ajay Sarupria and Kaushik Menta and look forward for their guidance, mentorship and support."
The startup has four physical branches in Mumbai and has an online presence in more than 10 cities and proposes to have a PAN Indian presence in the next 3-4 years. Ednovate's broader vision is to utilize the platform strength and expand in phase 1 into various Commerce verticals and to up-sell various products which the Company proposes to launch over a period of 5 years. It follows a result-oriented approach through their extensive innovative learning methodologies.
Commenting on the investment, Chairman of Witty Group of Institutions, Dr Vinay Jain, said:
"I have seen the journey of Ednovate and I am very proud as to how they have overcome their challenges and come out stronger. Investing for me, personally, is about the team. Ednovate Team has high ethics, integrity and strong execution capabilities and I think the team has the potential to make this Company as the next unicorn in the EdTech space. I am glad to partner with Ednovate in their growth journey of innovating education."
Ajay Sarupria, well renowned angel investor, added:
"Ednovate is truly an inspiring story of how challenges can be converted into opportunities and how team cohesiveness is so important to take any organization to greater heights. The team has clarity of thoughts for their phase wise realistic expansion plan which I think is very important for any start-up to grow. I am sure to see Ednovate in the next league of Companies which may change the definition of unicorn."