Mumbai-based online test preparation startup Toppr.com has raised USD 10 million in a fresh funding round led by Fidelity Growth Partners India and existing investors, SAIF Partners and Helion Ventures.
Toppr.com had raised USD 2 million from SAIF Partners and Helion Ventures a year ago.
The startup provides a subject learning platform to middle and high school students preparing for IIT JEE or medical entrance exams.
At present, Toppr has over 1,70,000 students on its platform. Students practised over 2.5 million questions in April, the company said.
Last month, Toppr.com acquired EasyPrep, another player in the online test preparation segment.
“With this round of financing, we aim to expand the scope of our product, invest more in technology and build deeper content. We will be catering to class V to class XII in the K12 segment,” said Zishaan Hayath, the CEO and co-founder of Toppr.
Driven by strong traction since the company’s inception in 2013, Toppr expects to reach five million students by 2017, the company said.
“India has over 300 million students in school. Most of these students will eventually have access to a mobile phone or computer. This presents us a huge opportunity to change how we learn using technology,” he added.
“With its strong focus on enhancing a students exam prep experience, Toppr is well positioned to emerge as the leader in this space,” said Kabir Narang, managing director at Fidelity Growth Partners India.
Following the closing of the financing, Kabir Narang has joined Topprs board of directors along with Mukul Singhal of SAIF Partners and Rahul Chowdhri of Helion Ventures.
The online test preparation market for students up to the Class XII is valued at USD 8 billion and is growing as much as 20 percent a year, Hayath said.