(Saturday Deep Dive) - Ambitio

In a world where the dream of studying abroad often collides with the complex and overwhelming realities of applications, exams and visas, Ambitio emerges as a beacon of hope and innovation. Ambitio’s platform is designed to guide students through every step of their journey to studying abroad, from selecting the right program, to acing the application, and securing visas.

With a focus on destinations like the USA, Canada and the UK and Australia, as well as exams, such as the GRE, GMAT, TOEFL, IELTS and SAT, Ambitio is trying to simplify and enhance the entire process. But the story of Ambitio is more than just a platform - it’s the story of its founders.

"I graduated from IIT a few years back and during my undergraduate years, I embarked on several internships abroad at prestigious institutions like Cardiff University and Australian National University," Vikrant Shivalik- co-founder of Ambitio recalled with a reflective tone. "It was during this process that I realized I needed to do something different from the regular job path. I was always driven by the desire to do something big, something impactful.”

This drive led Shivalik to co-find the E-Cell at IIT-BHU, where his entrepreneurial spirit first took root. But the idea of Ambitio didn’t come to Vikrant alone. Alongside his roommate and batchmate at IIT-BHU, Dirghayu Kaushik, he decided to pursue a master’s degree, hoping to gain a global perspective and access better opportunities.

“I received admissions from top colleges like Imperial College, London and the University of California, Berkeley,” Shivalik shared. However, his excitement was tempered by the challenges he encountered during the application process. “The process was anxiety-inducing and I noticed significant gaps in the existing solutions. Many students shared my sentiments, feeling overwhelmed and unsupported,” he said.

The realization sparked discussions between Shivalik and Kaushik, leading them to conduct a deep market analysis. What they uncovered was a common dissatisfaction among students navigating the study abroad process.

“We discussed how, despite the market growing exponentially, very few companies managed to cross the 100-crore revenue mark,” Shivalik explained. “We wondered why students were unhappy and why companies couldn’t scale. That’s when we decided to create a product that ensures students get into better colleges while making the process scalable.”

Thus, Ambitio was born. The early days were both challenging and exhilarating. The duo started with a small cohort of 30 students, counseling them personally and helping them secure admissions at top institutions. “By the end of 2022, we decided to pursue Ambitio full-time. In 2023, we raised our pre-seed round and generated $100,000 in revenue. Last year, we helped around 200 students; this year, we aim to assist approximately 1,000 to 1,500 students,” Shivalik recalled.

The duo’s journey from batchmates to business partners was fueled by a shared vision. But Ambitio’s story is also one of competition and innovation. The study abroad market in India is crowded with players like Leverage Edu and Leap Scholar as well as tens of thousands of very small local players, but Ambitio has carved out its own space.

“What sets us apart is our unwavering focus on student success,” Shivalik said.

Let’s dive into a comparative analysis of Ambitio’s competition in India:

“We don’t have tie-ups with universities, which ensures our guidance is unbiased and tailored to each student’s needs,” Shivalik said.

Ambitio’s offerings are diverse, designed to address every aspect of the study abroad process. The platform provides tools like the Admit Finder, which allows students to explore profiles of previous admits to various universities and the Shortlist Builder, a toold that delivers highly accurate and personalized university recommendations.

“Our tools are designed to make the process as smooth as possible,” Shivalik noted. “We want students to feel supported every step of the way.”

The revenue model for Ambitio reflects this commitment to students. "There are two primary revenue models in the study abroad space: charging students upfront or making money from university tie-ups,” Shivalik explained. “We chose not to tie up with universities to avoid bias. Our primary objective is to cater directly to students, ensuring their applications are enhanced and their chances improved."

Funding has been a crucial part of Ambitio’s growth story. Last year, the company closed a pre-seed round of $250k and recently raised another $100k, with plans to close this round by the end of the year. “Our business is seasonal,” Shivalik explained.

Looking ahead, Ambitio’s expansion plans are ambitious yet strategic. “We’re focusing on clusters where more students are likely to study abroad,” Shivalik shared. “We’ve tied up with various IITs and organized free boot camp sessions, offering guidance and resolving doubts that students have about studying abroad. We also leverage organic channels to tap into our audience.”

One of the biggest challenges Ambitio faces is scaling its model without heavy reliance on counselors. “Students are spending 40 to 50 lakhs to go abroad and they deserve to get into good colleges,” Shivalik said. “Our goal is to create significant improvements in students’ profiles, helping them get into better colleges and offering a better return on investment.”

Ambitio’s offerings continue to grow, with products like Ambitio Pro, a chargeable tool for tailored guidance at every step of the study abroad journey and Ambitio Elite, which provides hyper-personalized guidance and student mentors. “Our goal is for 95 percent of the job to be done by our application assistance and product, with minimal counselor help,” Shivalik said. “Currently, it’s about a 40-60 split.”

As Shivalik looks to the future, his vision for Ambitio is clear: “In the next five years, we aim to be ready for an IPO, helping more than 50,000 students. We want to emphasize this delta of students who had average performance, especially those from Tier 1 and Tier 2 cities. The larger the section of students we can help send to good colleges, the more successful we’ll be.”