ForeignAdmits, an Indian technology-enabled Mentorship based platform, ForeignAdmits raised USD 458k (INR 3.5 crore) in a seed finance round led by Unicorn India Ventures on 11 October 2021.
[ 1 USD = 75.37 INR ]
Investors: Unicorn India Ventures led the latest round of funding with participation from eminent angel investors, namely RiDiK Technology from Singapore, Manoranjan Mohapatra, Kumar Siddhartha (CEO, Greytrix), Chandra Shekhar Sharma (HoD, Physics, Reliable Institute, Kota, A division of Allen), Sudhanshu Mishra (Co-Founder, azuro by Squareyards), Sagar Gandhi, Mayank Sharma (India Head of Prodigy Finance).
The Objectives behind the funding: The company plans to deploy the current proceeds for team expansion and product development.
Founded in 2018 by Ashwini Jain, Nikhil Jain and Sarthak Agarwal, ForeignAdmits is a Technology empowered Mentorship based platform with the aim of Generic but Personalised guidance by target universities & field-specific mentors. Powered by AI & Proprietary processes of Profile Evaluation, Analysis and Application Management, it makes the whole application process competent, time-saving, efficient, transparent, and of better quality. It provides unbiased suggestions and enough information/ data for informed decisions by applicants. The startup works with eminent alumni networks, namely Columbia, Duke, CMU, Monash, University of Toronto and ASU. In 2021, the company registered an organic growth of 650% in user base and traffic.
What the Founder has to say: Nikhil Jain, co-founder & CEO, Foreign Admits, said, “We want to transform and disrupt the $90 billion global higher education industry by creating the largest online student community to make study abroad accessible and affordable to all high potential students. Studying abroad should not be just an elitist’s dream and should be made accessible to all aspiring individuals who aim to achieve their dream of going to college. Our mission is to enable 100 million students in India with quality mentorship to help choose a better career by providing a cutting edge and comprehensive guidance platform for students aiming to pursue higher education in the best universities of the world.”
What the Investor has to say: Anil Joshi, managing partner, Unicorn India Ventures, said, “Higher education in India is more focused now and producing disciplinary experts and has grown in a remarkable way. The Gross Enrolment Ratio in higher education has been significantly improving every year. With this thought, we have led the round in ForeignAdmits as the education platform is process focused and we have first-hand seen the impact it has made since its inception.”
The global higher education technology market is expected to hit USD 169.72 billion in 2028, progressing at a CAGR of 10.3% during 2021-2028. According to the All India Survey on Higher Education 2019-20 report, the enrollment in higher education registered a growth of 3.04%.
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