Oliveboard, an Edutech startup has raised an undisclosed amount of funding from India Educational Investment Fund (IEIF). Oliveboard, was founded by former InMobi employees, Satish Kumar and Abhishek Patil. It is an online test preparation platform for MBA and job-oriented competitive exams such as SBI PO, IBPS PO, and SSC CGL. The India Educational Investment Fund that made the investment into the company is an early-stage impact investment fund established by the Michael & Susan Dell Foundation. It is a US-based fund which is part of a larger effort of the Foundation to support early-stage investing in education startups that support urban, low income families in India.
Abhishek Patil, CEO and co-founder of Oliveboard, said in a staement:
“We’re excited about working with IEIF and will continue to use technology to deliver education in newer and more effective ways while still keeping it affordable. The funds will be utilized to increase our marketing efforts, build content and further strengthen our mobile technology,”
Vishal Bharat, who is the director of corporate business advisors (CBA), the investment manager for IEIF investments, commented on this development:
“We are excited to partner with Oliveboard as it is one of the few companies that are going about the individual subscription model for paying users in a highly competitive online solutions market. The need for an online test preparation service for young adults is immense. Finding the right solution and paying for it, is the key for all stakeholders,”
Oliveboard, started its operations in 2012, and currently supports 15 competitive exams and has over 260,000 registered users with customers from 28 states and 680+ cities and towns across India. The startup was completely bootstrapped at start and had paying users, it even became profitable at the start of 2015.