After raising $10 million in May 2015, Mumbai-based online test preparation platform, Toppr.com has now raised $2 million from Venture Debt provider InnoVen Capital. The company’s Co-Founder Zishaan Hayath, who is an angel investor in companies like Ola, Zo Rooms and DoorMint, said that the raised funding will be used for two acquisitions.
In April, the firm 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. The company offers entrance preparation materials for IIT JEE entrance exams, pre-medical tests and VIII, IX, and X students through its portal and mobile app, which is available for Android and iOS users.
Other players in this space include online education startup include SuperProfs, GradeStack, Embibe, Testbook, Plancess, OnlineTyari and Mockbank. India is one of the largest education markets in the world with an estimated one million schools and more than 15,000 higher education institutes. The Indian online education market stands at $20 billion today and is estimated to grow to $40 billion by 2017. This is a huge opportunity for businesses.