Noida-based Indian edtech platform AdmitKard has raised $6.03 million in a Series A funding round led by venture capital (VC) fund GSV Ventures. The round witnessed participation from other angel investors.
With the newly generated fund, the company is planning to diversify its product range. Additionally, it is eying to grow its business operations and wants to hire skilled staff to strengthen its team. It also aims to expand its operations in multiple new markets.
Since its inception in 2016, the company has raised $11.6 million in funding.
Talking about the latest development, Piyush Bhartiya, the co-founder of AdmitKard, said, “We are thrilled to have GSV Ventures on board as we continue to build and scale AdmitKard. This funding will allow us to accelerate our growth and invest in our technology and product offerings, enabling us to better serve our students and partners.”
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“As the world becomes more connected and global, education is becoming increasingly important, and AdmitKard is at the forefront of helping students navigate this complex landscape. We are excited to support AdmitKard in their mission to make education more accessible and help students achieve their dreams,” Deborah Quazzo, the Managing Partner (MP) of GSV Ventures, added.
The company has claimed in a statement that has helped more than 1,000 students to get admission. It has also stated to provide access to 3000 universities in 20 countries.
According to a report by Entrackr, AdmitKard witnessed a 4x increase in its operating revenue to Rs 3.47 crore in the financial year (FY) 2022. Along with a surge in revenue, it also witnessed a 2.89x jump in its net loss to Rs 7.9 crore.
