Online education is on a steep rise. Along with rise in number of player in the industry the rate at which they expand is also increasing. Mumbai-based Plancess EduSolutions has raised $2 Mn funds from Aarti Group’s Promoters Gogri Family. The company provides an online portal to students with video lectures, study material and test for JEE preparation. Plancess will use new funds for strengthening the resource base, product base by developing cutting edge products, and international expansion.
On the funding Nitesh Salvi, Director & Co-founder at Plancess EduSolutions, said “India witnesses close to 1.5 MN applicants for the IIT JEE every year, and this is just one of the many entrance tests in India. Education is very highly placed in our social structure – and rightly so. Every parent wants their child to go to the best institute and the best institutes require the student to qualify through an entrance test. It’s not difficult to guess why the test prep sector is one of the fastest growing segments in India’s education industry”
Gogri, Chairman of Aarti Group said, “The team at Plancess is making aggressive inroads into the education industry. It has quickly grown into a structure which has a strong product roadmap and stable business model for its print and digital offerings. We are pleased with the vision, commitment and speed of execution of the founding members. Rarely have we come across an education technology venture in India which has rapidly scaled from a hostel room to a team of 100+ individuals who are brimming with energy to make things happen. ”
Going forward, the company will not limit themselves to IIT and will venture into Medical Entrance Preparation by 2016-17.
The company claims to have successfully catered to more than 10000 IIT aspirants and about a fifth of them have made it to qualifying ranks at IITs and other leading engineering colleges in India.
On increase in competition in the industry Salvi said, “We have done pretty well in last 3 years. Currently we are at 60 lacs sales per month. Our major focus till now was content and brand name in market. And we have fairly achieved that. With this fund we are looking for tech development in coming 6-8 months and definitely take over competition by 2016-17”.