Digital platform PeakMind, which focuses on self care and mental empowerment, plans to expand its services globally, as it looks for a fresh round of funds worth Rs 10 crore. The company aims to close that in the next three months. “Currently, we are focussed on expanding to the Middle-east and Southeast Asian markets, specifically in Dubai and Singapore, and next year we want to enter the US and European market,” Neeraj Kumar, CEO, PeakMind told FinancialExpress online. The company claims to have raised angel round funding of Rs 2 crore in the last six to eight months.
PeakMind had launched a specialised programme, COMPETE, early this month, to assist Joint Entrance Examination (JEE) and National Eligibility cum Entrance Test (NEET) 2022 aspirants, in building mental strength building besides aiding in better performance. “The programme aims to handhold students, to up productivity, mindfulness, countering stress, nervousness, performance anxiety, and setbacks. Moreover, the students can reach out to the coaches anytime for quick help and assessment. We have so far counselled more than 6,000 students,” Kumar said.
Regulatory filings accessed by business intelligence platform, Tofler show that in its first year of operation, revenue from operations stood at Rs 7.3 lakh, as it posted a net loss of Rs 1.2 crore.
The company claims to have two revenue models – business-to-business (B2B) and business-to-customer (B2C) models – aimed at two different kinds of consumers. Under the B2B model, the company ties-up with schools and provides them with customised solutions for all the students. As for B2C model, students can directly opt for PeakMind’s services. “We are a subscription-based model, primarily focused on schools, coaching institutes. Now we plan to tie-up with bigger institutes with 500 to 1,000 students and doesn’t have structured programmes for mental strength and performance development. We have more than 100 experts in counselling students who are regularly trained to handle different issues,” Kumar added. The company currently claims to have tie-ups with some of the institutions such as Sri Chaitanya, Aakash Coaching Institute, Infinity Learn, Mayo College and many more.
COMPETE is one such programme currently operated by the company which is based on subscription. A three tier pricing model, base one is priced annually at Rs 6,000, while Pro is priced between Rs 18,000 to Rs 24,000, and Peak is priced at Rs 36,000 annually.
The company claims to spend 50% on technology, product development and operation and the remaining 50% goes to the fee of the counsellors. PeakMind was founded in mid-2020, focusing on teenagers, and assisting them in developing their mental strength and performance.