ForeignAdmits, an overseas study help firm based in Bengaluru, has raised Rs 3.26 crore from Mumbai-based early-stage fund Unicorn India Ventures (UIV) and other investors. The round included Beerud Sheth, founder of Gupshup, Zishaan Hayath, founder of Toppr, and Keshab Panda, former chief executive officer of L&T Infotech.
ForeignAdmits intends to use the new funds to improve its technology platform to deliver a better experience for students and partners, as well as to continue its commercial development activities.
Purpose of ForeignAdmits
ForeignAdmits is an end-to-end study abroad platform for students and agents that provides peer-to-peer mentorship by overseas graduates and an alumni network. It was founded in 2020 by IIT Bombay graduate Ashwini Jain and IIT Bhubaneshwar alumnus Nikhil Jain.
The company assists students in digitally applying for college and provides post-visa and pre-departure services like education loans, currency, health insurance, credit cards, and bank accounts. “In comparison to their urban counterparts, students in Tier 2 and 3 communities lack exposure and supervision. This is true for all nations,” Jain, cofounder of ForeignAdmits, said.
Columbia, Duke, CMU, Monash, University of Toronto, and ASU are some of the well-known networks with which ForeignAdmits collaborates. The Integrated Study Abroad Guidance Product, which provides financial and career counseling, admission, and post-admission support, was also launched by the company.
UIV is investing in Foreign Admits for the second time. Unicorn India has invested Rs 3.5 crore in the company like a seed investment. So far, approximately $1 million has been raised.
According to a prepared statement by ForeignAdmits, the company has expanded 10X in the last 12 months across a variety of commercial growth metrics. The site currently receives 2 lakh monthly organic visitors, which is increasing at a rate of 25% month over month.
“As the world opens up and students look for higher education opportunities in top global universities, we want to back the company as it goes full steam ahead with foreign admission season,” said Unicorn India Ventures managing partner Anil Joshi.
Currently, the platform has approximately 250 agent partners. With a staff of nearly 100 people, ForeignAdmits currently serves students in India and ten other countries and has over 35 university relationships.