Edtech startup Ednovate has raised an undisclosed amount in its Series A funding round from Dr. Vinay Jain from Witty Group of Institutions.
The funding round also saw participation from Ajay Sarupria and Kaushik Mehta.
The startup plans to use the funds to expand business in India and across the globe and is also looking for a pan-India presence in the next three to four years.
The Mumbai-based Ednovate was founded in 2021 by Dhawal Purohit, Karan Sheth, Sagar Vora, Ashish Shah, and Rahul Modi, It is an online learning platform for commerce and Chartered Accountants (CA) students.
The edtech platform provides education through various mediums including classroom coaching, recorded pen drive lectures, crash courses, test series and mentorship programs.
”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 the 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. I want to build a self-sustainable profit-making business for my investors and I am very excited to bring on board Vinay Jain, Ajay Sarupria and Kaushik Mehta and look forward to their guidance, mentorship and support”, said, Ashish Shah, CEO, Ednovate.
The startup currently has four branches in Mumbai and also has an online presence in ten cities in India.
“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”, said, Vinay Jain, Chairman, Witty Group of Institutions.
It is planning to start some new courses soon including Company Secretary (CS), Chartered Financial Analyst (CFA) and other commerce courses.
The startup has competition from companies like Unacademy, BYJU’S, upGrad and iNurture.
“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”, said, Ajay Sarupria, Angel Investor.
Ednovate comprises a team of dynamic CA teachers, who have been coaching students to their best scores at various levels of CA over the years.