startup funding

Online Test-prep Platform MadGuy Labs Raises Funds from Gray Matters Capital’s edLABS Initiative

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Gray Matters Capital, an impact investor focused on investing in enterprises working to improve access to affordable quality education and employability in India, has today announced that it has selected MadGuy Labs, a Hyderabad based online test-prep platform for government jobs to be funded under its edLABS initiative.

edLABS is Gray Matters Capital’s early stage education and skilling sector focused innovation portfolio that funds for-profit enterprises of ‘visionary edu-preneurs’ who are building breakthrough solutions that address education gaps, 21st century skills and future of work for the Indian mass market.

The funding announcement was made at the Customer Story Day of the GMC Calibrator – the Mobile EdTech Accelerator Program focused on improving User Engagement on mobile education and skilling apps by in which MadGuy Labs was selected to be a part of the first cohort.

Founded in by IIT Roorkee alumni Alok Katiyar, Sanjay Jagarwal and Vishal Meena, MadGuy Labs claims to be India’s first Artficial Intelligence (Al) driven platform for various government jobs exams preparation in regional languages. It said to be having a unique algorithms with which a student can prepare for up to 50 exams simultaneously with no extra effort.


Outlining the investment rationale, Smita Sircar, Innovations Director – edLABS and Ecosystem, Gray Matters Capital, said, ““The complete opportunity path from discovery of applicable government jobs to preparation via customized learning towards those multiple jobs on a basic smartphone that is affordable, in vernacular got edLABS excited to invest. This is especially true to create more opportunities for women to access quality content in the comfort of their homes. We hope that edLABS funding will enable these three IIT-Roorkee founders to grow more to provide more choice and agency for the last mile.”

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A Strong Tech Product Offering Personalized Learning Experience in Vernacular –

  • Automated Preparation Tracker to automate the systematic study for students and allow them to study for multiple exams at the same time.
  • Became an Artificial Intelligence (AI) platform in June 2018
  • Currently offering services in 5 languages – Kannada, Telugu, Marathi, Hindi and English

Improved User Engagement on the MadGuy Labs App through the GMC Calibrator

  • By sending timely personalized notifications based on the user persona, the Daily Average Time Spent (Per User) up by 30% (11 Min to 15 min).
  • By enabling initial free content, Daily Active Users increased by 15% (7,000 Daily to 9,000 daily).
  • Small tweaks on payment screen helped double the number of transactions happening in the app.

edLABS, which provides flexible financing up to USD 150,000, had funded Jaipur based turnkey STEM (Science, Technology, Engineering & Maths) solutions provider SRJNA in September 2018 and will be looking to close the calendar year with 3 more investments. In 2019, edLABS will be focusing on investing in skilling, employability and livelihood solutions towards reducing barriers for women and girls.

edLABS is an initiative of Gray Matters Capital in India to provide very early stage funding to ‘visionary edu-preneurs’ of for-profit enterprises to help them build breakthrough solutions for Indian mass market that address education gaps, 21st century skills and the future of work.

In line with Gray Matters Capital’s focus of providing access to affordable quality education and employability leading to a future job ready workforce with 21st century skills, edLABS will be committing $8 million over the next 3 years and will be looking to make a maximum 12 new investments every year.

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