Delhi-based iDreamCareer.com, an ed-tech startup, has raised an undisclosed amount in funding in Pre-Series A funding from media house BCCL’s (Bennett, Coleman and Company Ltd) strategic investment arm Brand Capital.
The raised capital will be used for brand building and marketing purpose.
As an ed-tech company, it boasts of its proprietary products such as online psychometric tests with career mapping-based on the Indian context; entrance exams and scholarship alert system via SMS and emails; personalised dashboard for users to explore career and college information and; an online forum to post queries directly to career experts.
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Currently, the startup has two offices, Delhi (Head Office) and Bangalore, and plans to expand to other cities across India.
Prior to this round of funding, the company had raised its seed round in mid 2014 from G.K Sinha and subsequently raised its angel round in mid 2015 from ah! Ventures with investors Mohit Satyanand, Vivek Joshi, Indian Design Group & others participating in the deal.
After the last round of funding in August, 2015, iDreamCareer has changed its targeting proposition and has made a complete transition to a B2C model. “In Aug 2015 we made a transition to a complete B2C model and now we are organically growing 100% m-o-m to reach a strong sustainable operational profitable stage by next month. With a B2C focus Brand Capital investment would help us to create a trusted brand in the space of career planning,” said Ayush Bansal, co-founder & CEO of iDreamCareer.com.
He further added, “We look to invest more on research after raising a Series-A round by end of this year. With a right combination of online & offline delivery, we have successfully solved the key challenge of scalability in this space without diluting the quality.” This move helped the startup in the increase in its ARPU by 4X and its user base by 20X in the last 100 days.
Besides, iDreamCareer is also planning to raise about $5 Mn as part its Series A round by the end of this year.
Earlier this year, ed-tech startup Byju’s raised $75 Mn from Sequoia India and Belgium-based investment firm Sofina, while Mumbai-based edtech startup, Testbook raised an undisclosed amount of funding from publishing house S. Chand and Company.
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