SUMMARY
AdmitKard plans to use the fresh capital to expand its product offering and accelerate business operations
The edtech platform helps students apply for universities and colleges in six countries – the US, Australia, Canada, the UK, New Zealand, and Singapore
According to the startup, a total of 7,50,365 students went abroad for higher studies in 2022
Edtech startup AdmitKard has raised $6.03 Mn (INR 50 Cr) in a Series A funding round from VC firm GSV Ventures. Angel investors also participated in the round.
AdmitKard will use the fresh capital to expand its product offering and accelerate business operations. It also plans to use the funds to expand its team and presence in key markets across the globe.
Since its inception, AdmitKard has raised $11.6 Mn, including the current funding round.
Founded in 2016 by Piyush Bhartiya and Rachit Agrawal, the edtech startup uses advanced tech and data science to offer personalised overseas education solutions to students, helping them shortlist universities, courses, and countries.
“As the world becomes more connected and global, education is becoming increasingly important, and AdmitKard is at the forefront of helping students navigate this complex landscape. We are excited to support AdmitKard in their mission to make education more accessible and help students achieve their dreams,” said Deborah Quazzo, managing partner of GSV Ventures.
The edtech platform helps students apply for universities and colleges in six countries – the US, Australia, Canada, the UK, New Zealand, and Singapore. It claims to provide exposure to more than 3K universities in more than 20 countries.
Its cap table includes Pankaj Chaddah, Suhail Sameer, Dhruv Dhanraj Bahl, Vijay Arisetty, and Growth DNA, among others.
According to the startup, a total of 7,50,365 students went abroad for higher studies in 2022. Additionally, these students were served by more than 75K education consultants.
“We were looking for a company that is student-first and is trying to get away from the agent-led model, and AdmitKard has created a brilliant community-driven platform,” said Mujtaba Wani, principal at GSV Venture.
In India, the startup competes with the likes of IDP, The Chopra and other small consultants.
The funding announcement has come at a time when edtech startups are striving hard for survival amid the funding winter. Unlike the peak pandemic years of 2020 and 2021, the Indian edtech space witnessed a sudden decline in funding in 2022.
According to Inc42 data, in 2021, edtech startups cumulatively secured $4.73 Bn funding, while the funding plunged 44.18% to $2.64 Bn in 2022.
Low market sentiments, the opening of schools and colleges, the ongoing Russia-Ukraine war and the economic downturn are some of the factors that dented the funding numbers in the edtech space.
To cope with difficult times, edtech giants such as BYJU’S, Vedantu and Unacademy adopted cost-cutting measures, resulting in mass layoffs.
As per Inc42 layoff tracker, Indian edtech startups have laid off more than 8K employees since January last year.
