Ed-tech startup, TestBook, has raised an undisclosed amount of funding from S. Chand Group. This Mumbai-based startup uses technology to prepare students for competitive exams like Bank PO, IBPS LIC, UPSC, SSC GATE etc.
Founded by IIT Alumni Narendra Agarwal and Ashutosh Kumar, the company aims to build a one stop portal for every competitive exam in the country. On the same Ashutosh quoted, “This association with S Chand will help expand our reach and enter into new markets.”
The company claims to have close to 4 lakh users and over 1 lakh downloads on its mobile app and has conducted over 7.5 lakh tests in its platform.
According to MarketsandMarkets, the Education Technology (Ed Tech) and Smart Classroom Market is expected to grow to $59.9 billion, at a CAGR of 13.9% between 2013 and 2018.
Other players in the market include, Toppr (which recently acquired Manch, after acquiring easyprep last year), Sigrid, SimplyLearn, Flipclass etc.
In November last year, S Chand had raised $27 million financing from IFC, a member of the World Bank Group, and Everstone Group. The group was also rumoured to be eyeing the stock market listing in 2016-17.