byteXL raises $200,000 in angel round
byteXL, a US-based edtech startup with an office in Hyderabad, announced that it has raised $200,000 in an angel round from Joseph Joy, President of Joy Family Investments from the USA, along with others.
The startup plans to use the freshly raised funds to improve content, enhance product portfolio, and expand its sales and marketing team, among other things, according to a release shared by the startup.
The startup is also looking to expand its India operations to Maharashtra, Karnataka, Punjab, and other northern parts of the country.
Speaking about the funding, Karun Tadepalli, CEO & Co-founder, byteXL, said, “We are elated with the investor belief in our vision to create an ecosystem which will help streamline the online education sector in India. In the next 10 years, India is likely to employ 16 million engineers and currently about 93 percent of engineering graduates in India are not equipped enough to enter the IT industry. That’s the reason byteXL is aiming to increase the employability quotient of the country by enabling IT career readiness in students from day one of their graduation. Emerging technologies assistance from industry experts will help the graduates to enter their first job with adequate skills and training for the job will speed up their onboarding process.”
The edtech platform offers new skills and upgrades exisiting ones among its users. byteXL claims that it has a 78 percent renewal rate and is active among 42,000 students across 55 colleges. The platform’s engagement rate stands at 75 percent, it said.
Commenting on the investment, Joseph Joy, President, Joy Family Investments said, “Edtech is an important aspect of an educational institution, and we are confident that the domain knowledge, which the byteXL team has, is worth appreciating. The technical ability and contribution by byteXL will help the platform bridge the gaps in the current edtech ecosystem with its inventive approach to make e-learning possible and to become a strong market player in the space in the coming years.”
byteXL seems to ben an interesting startup in the edtech segment. I’m sure with the latest developments, the company will continue to prosper in the time to come. My best wishes to the team of byteXL.Shishir Gupta, Founder and CEO, StartupLanes
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.
For publishing an advertorial article about your company on our website, drop an email at email@example.com