IAN, the single largest horizontal seed stage platform in India, has invested ₹ 3.5 crore in edtech startup ConceptOwl. The Trivandrum-based start-up will utilize the capital infusion to enhance and diversify its offerings, as well as to bolster its sales and marketing operations. The round was led by Prominent investors; KRS Jamwal, Ankit Somani and Mitesh Shah with Ankit Somani joining the company board to further help the startup scale.
Founded in 2016 by Rajan Singh, an IITian turned Police Commissioner turned entrepreneur, ConceptOwl is dedicated to delivering teacher-less online-in-classroom Science and Mathematics coaching to school students in Tier-2 and Tier-3 cities at affordable prices. Its innovative approach to pedagogy is aimed at benefitting the large population of students living in semi-urban and rural areas across India, who are currently unable to locally access quality coaching to prepare for entrance exams. Further, these students also find it difficult to bear the expense of living in cities like Kota, Delhi, and Hyderabad in search of credible coaching opportunities.
By addressing the aforementioned need-gap, ConceptOwl is targeting hyper-growth in a market that is estimated to be worth INR 20,000 crore. It is the recognition of this disruptive potential which led IAN to invest in the start-up.
Speaking on the investment, Ankit Somani, Lead Investor, IAN, said, “On one hand, there are multiple coaching centres in India that follow the traditional in-classroom style of teaching. On the other hand, there are edtech teaching platforms that impart self-paced learning entirely through the digital medium. ConceptOwl combines the best of both worlds. It is this innovative model which assures us of the merit of our investment. We eagerly look forward to helping this high-potential start-up to transform the Indian coaching landscape for the better.”
ConceptOwl combines the real-time interaction facilitated by in-classroom teaching and quality learning material curated by the start-up’s digital platform. The company leverages a two-teacher model to deliver the best quality coaching to students. This facility replaces teachers with trained local facilitators or instructors who use engaging video recordings of excellent, high-profile teachers to provide students with an exceptional learning experience. It also plans to build the largest doubt-solving repository of FAQ videos powered by AI and produce more engaging video-based content in Hindi and other vernacular languages.
Rajan Singh, Founder and CEO, ConceptOwl, said, “Although online courses do exist, students mostly find learning in a classroom setting more comfortable. It is understandable as it is difficult to not get distracted by other functions of a digital device at such a tender age. On the other hand, due to the absence of good quality tuitions and coaching services in Tier-2 and Tier-3 cities in the country, most of the high-potential students end up falling short of receiving the kind of education they deserve. It is here that ConceptOwl steps into the picture. We deliver quality education to students through a team of trained instructors and a vault of engaging video content at extremely affordable prices.”
“We are thankful for the support we have received from IAN. We will utilize the investment to further bolster the quality of our current offerings while bringing more vernacular languages into the scope of our services, and to boost our marketing and sales,” he added.
In addition to building a digital repository of FAQs for students, ConceptOwl is also geared to launch a franchise program. As such, the company will consolidate small tuition centres onto its platform which will further strengthen its doubt-support program for both local students and those connected online.
Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 11 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded start-ups across 17 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor-members. Some of its marquee investee companies include WebEngage, Druva, Box8, Sapience Analytics, WOW Momos, Consure amongst many others.
Indian Angel Network has been a pioneer in the seed and early-stage investing. It has now launched a ₹450 Crores VC fund making it now, the single largest platform for seed & early stage, where entrepreneurs can raise from Rs. 25 lakhs to Rs. 50 crores (with co-investors), thus making IAN the platform of choice!