Indian Ed-tech startup, Quizizz, has raised 12.5 million USD in a Series A funding round led by Eight Roads Ventures. The round also saw participation from other venture capital firms such as Rocketship VC and GSV Ventures, along with previously secured investors, Prime Venture Partners & Nexus Venture Partners.
Quizizz was developed in 2015 by Ankit Gupta and Deepak Cheenath and first tested among students at a remedial math programme in Bangalore where they were volunteering. Quizizz’s main model is a gamified digital learning platform using which teachers can create or use pre-made quizzes and interactive study material for their students across a wide variety of topics.
The app has different game modes with points, leaderboards, and an overall student-friendly interface. Their aim is to reduce the amount of time that teachers spend grading assignments and worksheets by hand, thus allowing them to devote more time towards interacting with students one-on-one and giving them personalized feedback.
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The company, which is currently based out of Bengaluru and California, claims to have been put to use in almost 65% of US schools and has customers in about 100 countries around the world. The growth of the company has accelerated several fold recently, during the pandemic, when nearly the entire world shifted from offline classrooms to digital learning platforms, Over 13 billion questions were answered on the platform in 2020 alone.
With the 12 million USD capital raised recently, Quizizz plans to grow their team and support educational and corporate customers, and also focus on product development to further their initiative to reduce teachers’ workload and increase student-teacher interaction time. They also plan to utilize the funding to promote the international growth of their company and its products.
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Global ventures fund Eight Roads Ventures has invested over 1 billion USD in India, starting from 2007. Partner and Head of Technology Investments at Eight Roads Ventures India, Shweta Bhatia, said that the understanding that the founders have of their user base has led to the formation of a very customer-centric platform and incredible growth just by word-of-mouth publicity.
In 2018, the company had raised about 3 million USD in funding in a round led by Nexus Venture Partners, with participation from Prime Venture Partners and angel investors. They had also secured funding from Prime Venture Partners previously, in 2015.
Quizizz currently follows a freemium pricing model, with the app being free to use and certain add-ons such as analytics, performance dashboards, and in-depth explanations of answers coming at a cost. Also, they recently introduced a subscription model for their business users which is priced at 19 USD to 48 USD monthly, per user.
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