Bangalore based start-up Fourth Ambit, has raised Rs. 4 crore ($600,000) from 1Crowd and its investor community.
Fourth Ambit was founded by four college-mates: Jikku Jolly, Shyam Menon, Ruby Peethambaran and Rahul Das. Having spent more than 40 years between them in the corporate world, their roots at Government Model Engineering College, Kerala was the primary driving force to set up the company. Fourth Ambit is a specialist online platform for colleges that helps them to build and nurture vibrant student/alumni communities. Fourth Ambit has on-boarded more than 1100 college communities including marquee brands like IIM Bangalore, NIT Trichy, NMIMS Mumbai, Manipal University etc.
Talking about the fund raise, Rahul Das, Co-founder and CEO of Fourth Ambit said, “This round of fund-raise has positioned us at the cusp of disrupting the education ecosystem. Expanding our college footprint is the key imperative. Product excellence, strategic collaborations and people power are the building blocks for the same. We are delighted to have a partner in the form of 1Crowd. Along with the funding, their inputs in terms of building strategy and connects to further our proposition is immensely valuable.”
Talking about the investment, Anup Kuruvilla, Co-founder of 1Crowd said, “We seek start-ups which are addressing a critical problem statement in the ecosystem and have the potential to scale. College communities have not seen either good engagement or participation on the official portals. Fourth Ambit aspires to disrupt this state by transforming college portals into vibrant engaged communities. The ecosystem at 1Crowd allows angel investors to participate and co-invest with us in early stage start-ups and benefit from our institutional approach to the entire process, right from origination to evaluation, due diligence and most importantly post-investment monitoring and mentoring.”
Even as Fourth Ambit looks at expanding its college footprint, they are cognizant of the need to keep their customers happy. “We take pride in the fact that more than 95% of our customers have renewed their contracts with us over the last 3 years. Customer delight is, however, the next frontier for us, Customer satisfaction is not good enough! Empowerment through the product and energizing through the consultants are two key drivers for the same. Our ultimate aim is an ecosystem where every student and alumni continue to derive value at every stage of their life through community collaboration,” says Rahul.