The IIT Madras-backed startup, Melvano raised an undisclosed amount of seed funding from seasoned angel investors. The funds will help in expansion both geographically and expand across other exam categories, it said in a statement.

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The company said that it is also planning to increase its spending in the research and development department. The founders believe innovation is the key to success in the edtech domain, keeping that in mind, many more features will be added briefly.

The investment comes from angel investors Arjun Sarwal, head of SEA at TikTok Singapore; Hareram Jha, senior vice president at Noon Dubai; and Sunil Kamath, vice president at PlayMagnus, the release stated.

The Edtech sector has witnessed a surge in the online education domain, and it is the most funded sector in 2020. According to Indian Private Equity and Venture Capital Associate, Indian edtech startups have seen a total investment of $2.22 billion in 2020 whereas in 2019 the funding was $553 million. The investors have witnessed enormous growth in the edtech companies, at times 3-5X rise in free audiences and between 50-100 percent growth in monthly revenues during COVID times. This trend is here to stay, but the offerings would be the key differentiator, it added.

First Published:Mar 9, 2021 5:19 PM IST