Online test preparation platform Toppr.com has raised $10 million in funding led by Fidelity Growth Partners with participation from existing investors SAIF Partners and Helion Venture Partners. The new funding will be used to invest in technology and marketing. Last month, the firm had also acquired exam preparation platform EasyPrep for an undisclosed amount. It is also in talks for more acquisitions and is looking to increase its team size from 120 to 300 people.
In 2014, Toppr had received $2 million from SAIF Partners and Helion Ventures. The latest round brings its total capital to date is $12 million in 2 rounds from 3 investors. Founded in 2013 by IIT Bombay graduates Zishaan Hayath and Hemanth Goteti, who had earlier set up mobile commerce firm ChaupatiBazaar, which was acquired by Kishore Biyani’s Future Group in 2010.
Toppr.com has built a base of over one lakh subscribers on its platform. It provides test preparation for IIT JEE entrance exams, pre-medical tests and VIII, IX, and X students planning to pursue science. The company offers entrance preparation materials to students through its portal and mobile app, which is available for Android and iOS users.
Fidelity Growth Partners had last week invested $6 million in ERP solutions startup Icertis, with participation from US-based venture capital firm Greycroft Partners.
Other players in this space include online education startup SuperProfs, which had secured $3 million in series A round led by Kalaari capital and IDG Ventures India in 2014. In March last year, Delhi based education marketplace, GradeStack had also raised an undisclosed amount of funding from Times Internet.
In May 2014, Mumbai-based e-learning startup for competitive entrance test preparation Embibe had secured $4 million in a round of funding from Kalaari Capital and Lightbox Ventures. Another online exam preparation site Testbook, had secured Rs 1.5 crore in October 2014, led by a Delhi based investor, Utsav Somani and MD of Carlyle Group, Shankar Narayanan along with other angels from different sectors.