[Funding alert] Edtech Platform ixamBee Raises Equity Funding Of Rs 11 Cr

In its most recent funding round, ixamBee, an online learning platform that focuses on preparing job aspirants for government jobs, has successfully secured equity funding worth Rs 11 crore.

According to a statement released by the company, the investment of Rs 11 crore comes from several renowned investors, including S Chand & Company, IPV (Inflection Point Ventures), Mukesh Sharma Family Trust, Keiretsu Forum, SAN Angles, Mumbai Angels, and Keyur Joshi (Co-founder of MakeMyTrip), as per reported by BW Disrupt.

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Chandraprakash, Co-founder, and CEO of ixamBee, commenting on the fundraiser, said, “This collaboration will exponentially increase the reach of ixamBee Learning Experience (iLX). The funds raised will be utilized to drive growth by launching additional learning programs, investing in content development, marketing initiatives, and technology enhancements.”

Additionally, the funding round included a secondary transaction of Rs 3 crore. ixamBee, which was founded in 2016, is led by Chandraprakash Joshi, Arunima Sinha, and Sandeep Singh.

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The edtech portal offers free practise exams for more than 100 exams using a freemium revenue model. With 1.9 million students presently registered on the site, ixamBee has served more than 12 million pupils to date.

Vinay Bansal, Founder, and CEO of Inflection Point Venture stated, “The edtech market for higher education continues to expand rapidly and is one of the fastest-growing segments within the sector. The platform is assisting millions of students in accessing exam papers and study materials to prepare for their careers. We resonate with the purpose of their business and have chosen to invest in the company.”

According to the business, the recently obtained cash will be utilised to fuel expansion by introducing new learning initiatives and making investments in content creation, marketing, and technology. Under the iLX banner, ixamBee intends to broaden its extensive selection of study guides, mock exams, interactive learning tools, and customization options.

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Before this round of fundraising, Keyur Joshi, the JITO Angel Network, and Mumbai Angels Network all made investments in ixamBee. In both the primary and supplemental funding rounds facilitated by S Chand and Mukesh Sharma Trust, Vishal Gandhi, the founder and CEO of BVA (BIORx Venture Advisors), served as the financial advisor.