Edtech startup Melvano has raised Rs 1.3 crore from Tyke Invest.
Prior to this round, the IIT Madras-backed startup raised seed funding from seasoned angel investors in April 2021.
Melvano plans to enter the upskilling market with the introduction of Skillbary, a new product, in March of this year, the company said in a press release.
Founded by Taran Singh, Melvano is an AI-based learning platform for competitive exams like the IIT-JEE followed by the NEET and CUET. Additionally, it would provide live projects, internships, and a job guarantee upon successful course completion. Its mock interviews helps pupils get ready.
Melvano has been incubated in Nirmaan, Incubation cell at IIT Madras and was awarded Sri Chinmay Deodhar award for its innovative quotient. The startup has raised Rs 4 crore till date and is in talks with venture capital firms to raise more capital for its expansion.
According to Fintrackr’ s yearly funding report, edtech startups raised $2.3 billion across 98 deals in 2022. It’s a sharp fall from $5.7 billion in 2021. Last month (January), only five edtech startups raised their new round worth about $38 million.