AdmitKard, an Indian edtech company that makes it easier to enroll in higher education abroad, has secured $3.3 million from GSV Ventures and a few other smaller investors in a Series A round. It is the second round after a nine-month break for the Noida-based startup.
The company wants to take advantage of the increased demand for international education due to nations reopening their borders after COVID-19.
The company counts several edtech founders as investors, including Mayank Kumar from upGrad, Gaurav Munjal and Roman Saini of Unacademy, and Vamsi Krishna and Pulkit Jain of Vedantu, raised the money at a valuation of INR 250 crore.
The edtech startup will utilize the capital to increase its services, hire additional staff members across departments, and launch new services like finance and scholarships to provide end-to-end admission services.
The business wants to encircle the nation more thoroughly. AdmitKard operates in around 70 locations nationwide, and the company hopes to expand to 200–250 cities shortly.
In addition to the US, UK, Canada, Australia, and New Zealand, the five-year-old ed-tech business assists students in applying to more than 1,000 universities and colleges worldwide.
AdmitKard assists Indian Students willing to pursue higher studies abroad
Bhartiya and Rachit Agarwal, former executives at Boston Consulting Group (BCG), founded AdmitKard in 2016, a Noida-based firm that formalizes the admissions process for kids who want to attend colleges and institutions abroad.
The business’s most recent $3 million round was raised in April last year. Before that, the company received $1.37 million in seed capital from a large group of angel investors, with BCG Partners serving as the round’s lead investor.
AdmitKard experienced flat revenue growth in FY21 (2020-21), the first year of Covid, due to the Covid-19 pandemic forcing nations to close their borders.
Although the company expects at least a fourfold increase in sales in FY23 (2022-23), it ended FY22 (2021-2022) with a revenue of roughly INR 4 crore. The company has already been operationally profitable for the past two months.
According to Rachit Agarwal, the startup aims to grow four times more each year for the next few years to meet the need of the pupils. We might more than double our current team size in the upcoming year.
Thus over the following 12 to 18 months, our team might consist of 500 people. We won’t have remarkably rapid expansion in terms of team members because we also need time for our team members to develop. After all, the service we’re offering is crucial, he added.