Mumbai-based online test prep platform, Toppr, has raised $2 Mn round from Venture Debt provider Innoven Capital. The round is an extension to its previous round of funding that was commenced in May this year.
Toppr’s founder Zishaan Hayath told us that the company plans to use the raised capital for the acquisitions that are lined ahead and also for technological developments and partnerships.
Prior to this in April this year, Toppr had acquired EasyPrep, an online platform that helps students prepare for entrance exams, after it raised $10 Mn in the second round of funding led by Fidelity, Saif and Helion Partners.
Toppr claims to have more than 1,50,000 students enrolled for the test preparation on its platform. Also, more than 40% of its users are from tier II and III cities which lag quality teaching and education.
Founded by Zishaan Hayath in 2013, along with Hemanth Goteti, Toppr has now grown to more that 100 member team and offers a dedicated online test preparation material for students appearing for engineering and medical entrance examinations.
As per industry stats the entrance exam preparation market for K12 students is growing at about 20% every year and is pegged at $8 Bn. The Indian test preparation market is expected to be a $1 Bn (INR10,000 Cr) market, which is mostly dominated by offline players like Resonance, Bansal Classes, FIITJEE and Aakash Institute.