EduGorilla, an EdTech company that provides online mock tests with an emphasis on state competitive exams in vernacular languages, has recently raised ₹16.5 Crores in a funding round led by SucSEED Indovation Fund.
According to the company, Lead Angels Fund, Mumbai Angels Network, TiE India, VentureGarage, We Founder Circle, ah! Ventures and several notable angels also participated in the funding round.
The company said it plans to use the funding towards bringing quality education to students in tier 2-3 cities and villages in their preferred vernacular languages at their doorstep and increase their chances of recruitment. It plans to expand the platform’s content into a total of nine vernacular languages and aims for 10 to 11 lakh new paid users from online test series, video classes, and books for over 1600 examinations. EduGorilla also aims to hone its AI and ML-based platform to increase the success rate of its students from 14X to 25X.
Speaking about the platform and how the latest funding will help the company, Rohit Manglik, Founder & CEO, EduGorilla, said,
"Over 70 percent of our students hails from rural India and majority of them are not well-versed in English, making it essential to focus on vernacular languages as we reach out to a 7.5 crore student base in tier II and III cities and villages. This funding will help us bringing quality education in their preferred vernacular language at their doorstep."
Vikrant Varshney, Co-founder & Managing Partner, SucSEED Indovation Fund, added,
"With the advancement of AI tech, the market for online test preparation has experienced a CAGR of 64 percent over the past five years, yet 90 percent of test preparation centres are in the unorganised segment, showing a huge addressable market. During our past two years of association with EduGorilla, we have noticed that their biggest differentiator is their dedication to increase student success rates, which culminated in to a beginning of hockey-stick growth for their business too."
Founded in 2016, EduGorilla is a vernacular test series provider that caters to the demand for mock tests of students preparing for state-level and lesser-known competitive exams. It aims to provide superior quality mocks and at the same time fast-tracking the process and synchronizing it with the exam schedule by utilizing better technology and a smarter approach to the process of drafting mock tests and books.
EduGorilla has built an AI-powered demand and predictive algorithm to assess the operational profitability of various competitive examinations. This analyses two key variables – a dynamic variable identifying the type of opening, number of vacancies, and under which state government and department a particular examination falls. The second variable maps the trends in this regard like searches on Google, e-commerce portals, and its portal for the content/publications. This assessment helps EduGorilla to identify primary focus examinations. Subsequently, the company generates the test preparation content and mock tests for a particular exam in just 48 hours through automated workflow. Its AI-powered software automatically converts the test content to a book format that can be purchased via e-commerce platforms.
EduGorilla had earlier raised ₹5.3 crores in a pre-Series A funding round from Auxano Entrepreneur Fund and a group of Angels led by Venture Garage with participation from SucSEED Venture Partners, Pune Angels, Hem Angels, and VGAngels.