Matrix Partners India Backs Edtech Startup Testbook

Mumbai-based Edtech startup Testbook has raised an undisclosed amount of Series A funding from Matrix Partners India.

Testbook was founded in 2014 by a team of IIT graduates with experience in various fields like teaching, technology, marketing, operations, etc. The founders include Narendra Agrawal, Ashutosh Kumar, Praveen Agrawal, Manoj Munna, Yadvendar Champawat and Abhishek Sagar.

It is an online learning platform enabling students to prepare for recruitment exams for Government jobs such as SBI PO, SSC CGL, IBPS PO, Railways, etc. The startup claims to have about 1.3 Mn registered users and about 3 Mn app downloads.

The startup will use the newly raised funding for geographical expansion and product growth.

Ashutosh Kumar, Founder and CEO of Testbook, said, “We are on a mission to reshape the process of how students prepare for competitive exams. Our endeavour is to deliver world class, personalised learning content for students while solving the problem of access and affordability for the masses.”

Users can purchase mock tests from the Testbook website, Android app or through offline Testbook Test Centres and Smart Labs in select cities. The startup also offers personalised guidance and detailed solutions for all questions along with All India Ranking for select mock exams.

Users can also remain abreast with current affairs in Hindi or English through Testbook’s Current Affairs app. The company claims to have over 2 Mn students.

Rajat Agarwal, Vice President, Matrix India said, “Ashutosh and team have several unique insights on how to succeed in this market and we especially like the quality of their content, technology thinking, and unique go-to-market strategy. Edtech is a focus area for Matrix and we will make multiple investments in the space.”

In March 2016, Testbook raised an undisclosed amount of funding from publishing house S. Chand and Company. Last week, private equity firm Kaizen Management Advisors Pvt. Ltd invested an undisclosed amount in Hyderabad-based INSOFE (International School of Engineering), a professional skills training firm. Other players in this segment include Flipclass, iProf, Embibe, Sigrid Education, Meritnation, Simplilearn, and Englishleap.