Toppr a Mumbai-based e-learning solutions provider and online test preparation platform, has raised $6.92 million (Rs 45 crore) in its Series B funding, led by its existing investors SAIF Partners, Helion Ventures, and FIL Capital Management.
The company is planning to reach out to students across the country and open centres in 30 cities by December 2017. This capital will be used to expand our geographical footprint and accelerate user acquisition. We expect this capital to take us to full profitability.”
Commenting on the funding round, Zishaan Hayath, CEO and Founder of Toppr, stated, “This is a second round of Series B funding by our existing investors. It is the reflection of our healthy unit economics and a reinforcement of the belief the investors have in us.
Toppr was founded in 2013 by Zishaan Hayath, who previously worked with Opera Solutions and ITC Ltd, and Hemanth Goteti, who was previously head of engineering at Futurebazaar.com and also worked with Qlip Media, Synechron and Ubiquity Inc. Before setting up Toppr, Hayath—who has backed firms such as Housing.com and Ola in his capacity as an angel investor—had also co-founded phone commerce startup Chaupaati Bazaar which was acquired by Future Group in September 2010. He has also operated an angel investment group called Powai Lake Ventures.
Toppr is a test preparation platform for engineering, medical and secondary school students. The firm covers exams such as IIT JEE and BITSAT in engineering; NEET, AIIMS, AIPMT, AFMC, MT-CET and other competitive exams. It include questions, solutions, concepts, and videos for the students signed up on the app. It claims to have cleared 11 lakh doubts, provided 90 lakh tests, with 11 crore practice questions answered.
Recently, Bengaluru-based online learning platforms, Byju’s and Unacademy, also raised funds. Byju’s raised an undisclosed amount of funding from Tencent Holdings Limited. The company had also raised capital from IFC, a member of the World Bank Group, in December last year.
However, this year has not been great for edtech in terms of funding. According to YourStory, since January, edtech startups have raised $94.21 million through 34 deals as against $107 million across 46 deals in the corresponding period last year.
Source: Sasha Square