Edtech startup Testbook gets Rs 60 Cr in series B round led by Iron Pillar

Amongst several startups that are making test preparation and assessment easy for government job aspirants, edtech startup Testbook has secured Rs 60 crore in a Series B funding round led by Iron Pillar.

The investment round also witnessed participation from existing investors, including Matrix Partners India, Better Capital, AngelList, and Vikas Choudhury.

With the infusion of fresh capital, the Mumbai-based company is planning to expand its offering to include state government recruitment exams to its curriculum and broaden its base of exams to 400 from 100 in the next two years.

Besides, the firm is also aiming to establish its offline centres in small towns to help students use its online learning service, said an Economic Times report.

Founded in 2014 by IIT graduates Ashutosh Kumar, Narendra Agarwal, Manoj Munna and Arpit Oswal, Testbook sought to offer a platform that helps students prepare and then take mock tests for government job exams.

It offers courses including banking, SSC & government exam courses, insurance, defence and GATE courses, among others.

At present, Testbook has a freemium model with free content to lure in users, apart from a paid subscription for full access to tutorials, tests and other content.

According to the company's official website, the startup claims to have more than one crore app installs with above 330 crore questions attempted.

In 2016, the company had launched a voucher card called 'Testbook Pass' which allowed students to pay in cash. It works like a recharge voucher that could be bought for cash and used on the websites to give their cash.

OnlineTyari, MockBank, Vedantu, Embibe, and Careers360 compete with Testbook in this space.

Based on a report published by KPMG and Google, India’s online education market is set to grow to $1.96 billion by 2021 and test preparation is expected to grow at a CAGR of 64%.