Mumbai-based mobile app-based edtech startup Toppr has raised Rs 45 crore in its second round of Series-B funding, led by its existing investors SAIF Partners, Helion Ventures and FIL Capital Management.
Toppr had raised a cumulative $12 million between May 2014 and May 2015 in its Seed and Series B funding rounds.
“This is the second round of Series B funding by our existing investors. It is the reflection of our healthy unit economics and a reinforcement of the belief that the investors have in us. This capital will be used to expand the geographical footprint and accelerate user acquisition. We expect this capital to take us to full profitability,” said Zishaan Hayath, CEO & Founder at Toppr.
Founded in 2013 by IIT alumni Zishaan Hayath and Hemanth Goteti, Toppr is a test preparation platform for engineering, medical and secondary schools students. The startup covers exams such as IIT JEE and BITSAT in engineering; NEET, AIIMS, AIPMT, AFMC, MT-CET and EAMCET in medical; and NTSE, NSO, NSTSE, and KVPY, among others.
The company pursuing aggressive expansion plans to reach out to students across the country and open centres in 30 cities by December 2017. Toppr projects 20x growth in its junior grades and 15x growth in its senior grades subscription by 2021, making it a company with over $500 million in revenue in the next 4 years.
According to a joint report by Google and consultancy firm KPMG, India’s online education industry is expected to grow almost eight times to hit $1.96 billion by 2021, with the number of paid users rising six-fold from 1.6 million now to 9.6 million.
Besides Byju’s, one of the most funded edtech startup in the country, other startups such as Unacademy, which raised $11.5 million in a Series B financing led by Sequoia Capital India and SAIF Partners; Kings Learning, which raised $2.5 million in funding from Michael & Susan Dell Foundation; Delhi-based XPrep; and CollPoll also marked their presence in the industry.