Delhi-NCR based coding and placement preparation platform, PrepBytes today (February 3) announced that it has raised an undisclosed amount of funding from an early-stage venture capital firm Equanimity Ventures.
With this investment, the company looks to scale its technology and content creation teams in the coming months, alongside strengthening its personalised learning platform and increasing its students’ base.
Founded by Aditya Verma and Mamta Kumari in 2018, PrepBytes offers college students to learn coding in a personalized manner under the guidance of mentors to help them get placed in IT/Software/Internet companies. As a coding edtech platform, the company claims to offer personalized learning experience to students, right from onboarding to content and mentoring.
The company said that it targets freshers and students from lesser known colleges, particularly from engineering colleges. In the coming months, it looks to reach out to more colleges.
Rajesh Sehgal, managing partner at Equanimity Ventures, in a press statement, said that with the increased digital adoption and the swift spread of STEM studies globally, India has a huge opportunity to capitalise on, given its strength in STEM areas.
According to SimilarWeb, Inc42 noted that the number of visitors on its website seems to be declining from 150K to 82K users in the last six months.
Focused on coding for freshers and job seekers, PrepBytes currently competes with a slew of edtech startups including Masai School, Tekie, WhiteHat Jr, CodingNinjas, Pesto, Lambda School, Scaler Academy among others. While a large majority of startups in the space seems to have partnered with companies with unique revenue sharing models so that students can be placed once the training is over, PrepBytes still seems to be in the early stages of user acquisition, and does not guarantee job placement.
According to the Bootcamp Market Report, between 74% and 90% of coding students land a programming job within six months of graduation as the demand for such roles are only increasing in the coming months.
According to Inc42 Plus analysis, in 2021, startups that have distinct value propositions in coding, virtual reality or extracurriculars are most likely to get acquired by bigger companies as they try to consolidate their market position.
Last month, Mumbai-based live upskilling platform for kids, BeyondSkool raised $2 Mn in a seed round from early-stage strategic investment fund Tomorrow Capital. Also, New Delhi-based career assessment startup Mindler raised $1 Mn in pre-Series A funding led by Inflection Point Ventures.