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Vriti Infocom raises $5 Million in Series B Funding
By siliconindia
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Bangalore: Vriti Infocom, an exam preparation platform company based in Noida, has raised $5 million in Series B funding led by JAFCO Asia along with a follow-on investment from existing backer Intel Capital. The company will use the investment to expand sales besides the continuing investment in technology.
Founded in 2006, Vriti has created a cloud, SAAS-based platform where students can assess their performance for various tests on a larger, pan-India scale by logging on to its platform. While large test preparation chains like FIITJEE (for engineering) and IMS (for management) provide students mock exams on a large scale, Virit's platform enables even the smallest distributor such as a coaching centre run by an individual - to offer students the benefits of quality content, online testing, benchmarking against peers nationwide and personalized assessment.
"While the FIITJEEs want to come to the top level, we enable others to come up to their levels by providing them infrastructure, the applications, sales support and technology. There are more than 1,000 major exams in India," said Swapnil Shrivastav, Co-Founder and CEO of Vriti Infocom. Vriti provides comparative performance assessment reports and personalized study tips, besides content aggregated from various authors and publishers.
The company, which raised $2.5 million from Intel Capital in 2008, will look at ramping up sales. Proceeds from the first round were used in building the platform and getting key clients, which include companies like Punjab Technical University, Brilliant Tutorials. The company, which is currently focusing on domestic expansion, also has clients in London and Dubai.
Vriti's business model involves partnering with tutors, coaching institutions, publishers, schools, colleges and universities and charging them on a per-student basis. For instance, publishers who have tests on their books can give the option to students for their comparative standing by accessing Vriti's online platform. This sort of model also creates recurring revenues for publishers, because when this book is passed on to a sibling or a relative, a new login is required after expiry.