[Funding alert] Start-up Edtech byteXL raises $ 200,000 during fundraising
Edtech startup based in the United States byteXL, which has its office in India in Hyderabad, raised $ 200,000 in angel ride from Joseph Joy, President of Joy Family Investments from the United States, along with others.
The development startup will use the funding to improve content, enhance the product portfolio, and grow its sales and marketing team, among others, according to a statement shared by the startup.
The startup said it is also looking to expand its operations in India to Maharashtra, Karnataka, Punjab and other parts of northern India.
Karun Tadepalli, CEO and co-founder of byteXL, said: “We are thrilled with investor belief in our vision to create an ecosystem that will help streamline the online education industry in India. Over the next 10 years, India is expected to employ 16 million engineers and currently around 93% of engineering graduates in India. are not sufficiently equipped to enter the computer industry. This is the reason why byteXL aims to increase the employability quotient of the country by enabling students to prepare for an IT career from day one of graduation. Helping emerging technologies from industry experts will help graduates enter their first job with the right skills and training for the position will speed up their onboarding process.
The edtech platform provides new skills and upgrades to existing ones among its users. byteXL claims to have a 78% renewal rate and is active among 42,000 students at 55 colleges. The platform’s engagement rate stands at 75%, he said.
“Edtech is an important aspect of an educational institution and we believe that the domain knowledge available to the byteXL team is worth appreciating. The technical capacity and contribution of byteXL will help the platform to fill the gaps in the current edtech ecosystem through its inventive approach to make e-learning possible and become a significant player in the market in the years to come ”, said Joseph Joy, president. , Joy Family Investments.