Pune-based edtech startup Pariksha raised US$ 2M in a pre-Series A funding round on 17 February 2021.
Investors: The funding round was led by Bharat Inclusion Seed Fund with participation from LetsVenture Plus, 9Unicorns, Innercircle and existing investors INSEAD Angels and Venture Catalysts.
About Pariksha
Founded in 2015 by Deepak Choudhary, Karanvir Singh Shekhawat, Utkarsh Bagri and Vikram Shekhawat, Pariksha is a test preparation platform for aspirants of state government jobs. It helps aspirants prepare for entrance tests or examinations in the language of their choice through online classes. It claims to be India’s largest vernacular test preparation company. Pariksha operates across 11 Indian states, in 6 languages and with over 3.5 million users. Pariksha says that it is looking to tap into a market with over 75 million mobile-first users who spend over US$ 2.3B annually on preparation for job exams. The Pariksha app is available on Google Play.
The Indian edtech market is booming like never before. According to a report by Inc42, The Indian Edtech market size is expected to grow at a compound annual growth rate (CAGR) of 39% to reach a market size of US$ 10.4B by 2025. Therefore, Pariksha has several competitors including BYJU’S, Unacademy, upGrad, Toppr, Vedantu, among others. But what sets Pariksha apart is that it has set its niche of offering test preparation for national and state government jobs. Its target users are different from many other edtech startups who generally focus on K12 learning and test prep segments.
Apart from test preparation, Pariksha has also started a new initiative – Pariksha’s Placement 101, an innovative curriculum path that prepares pre-final & final year students for their campus placement preparation.
What the CEO has to say: “Indian aspirants are very unique in their approach towards preparation. They need a product that is relevant to their mind-spaces. With vernacular content on top of ever-evolving technology, Pariksha is poised to fuel the hunger for the success of crores of underserved aspirants,” said Karanvir Singh, founder and CEO of Pariksha.
What the investors have to say: “Online training and testing is a great equaliser. By providing access to the best training materials in local languages to a previously underserved segment, Pariksha is ensuring that they are able to compete effectively for jobs,” said Sanjay Jain, Partner at Bharat Inclusion Seed Fund.
Watch VCBay’s interview with Pariksha CEO Karanvir Singh here
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