IndiaCollegeSearch.com, an online search engine for colleges and universities in India, has raised an undisclosed but significant amount of funding from the Indian Angel Network (IAN), a national network of angel investors funding startups and early-stage ventures, according to Anand Rai of Techcircle.in.
The funding will primarily be used for product development and hiring of staff for the company's sales and marketing to meet the demand of growing interest in India's higher education sector.
The investment was made by IAN members Anupam Mittal, Vikram Upadhyaya, and Varun Khurana. As part of the investment, Upadhyaya and Khurana will be joining the company's board of directors.
While IAN has taken only two board seats (which is standard for the investor), Mittal will also be actively involved in the mentoring of the startup. "While I am a limited when it comes to taking board seats, in no way does that limit the role. We are now preparing the startup for the Series A round that could happen in the next 18-24 months," said Mittal.
IndiaCollegeSearch.com is an online search engine that allows students to search among programs in the thousands of colleges and universities in India. The website enables students to search for fees, cut-off criteria, placements, courses, locations, college infrastructure and faculty, and also allows registered members to apply directly to the institutions of their choice.
The website also showcases profiles of top institutions in the country, including 1,200 engineering colleges throughout India.
Mittal added: "While there are a bunch of online education startups, they haven't been that successful primarily because they haven't focused on solving a specific problem, rather looked at the industry from a macro level. What interested us in IndiaCollegeSearch was the fact that the startup is targeting one pain point of the education sector and is solving it in a clutter-free, focused manner."
IndiaCollegeSearch.com was co-founded by Anirudh Motwani and Parul Bansal in 2010.
The website has around a million registered users and it gets 700,000 college search enquires on a monthly basis. The website offers free services to students. For revenues, IndiaCollegeSearch.com targets colleges and universities by offering a freemium model, featured listings and advanced analytics. Education institutes can list for free but must pay for responding to students applications.
According to IndiaCollegeSearch.com Co-Founder Motwani, the company has been growing more than 100% quarter on quarter in the past two quarters and in the last quarter it collected half a million dollars in revenues.
In November 2011, IndiaCollegeSearch.com had raised its first round of funding from Delhi-based boutique investment firm VAS Capital. The firm had invested about 5.8 million Indian rupees in the startup to acquire a 32% stake. The deal valued IndiaCollegeSearch.com at about 10.8 million Indian rupees.
IndiaCollegeSearch.com is owned by AM Edumedia Pvt Ltd.