Toppr, a digital education technology startup which helps students prepare for India’s toughest entrance tests, has secured $10 million in Series B round of funding. The latest round was led by Fidelity Growth Partners with participation of existing investors SAIF Partners and Helion Venture Partners.
With the newly raised funds, the startup is now looking to expand in other segments of test preparations. Previously, the company raised $2 million from Saif Ventures and Helion Venture Partners.
The company was founded in 2013 by Zishaan Hayath and Hemanth Goteti with an aim of democratizing education by making it more accessible and affordable for all. It offers online test preparation material for students who are appearing for engineering and medical entrance examinations.
It claims that more than 40% of its users are from Tier II and Tier III cities which lag quality teaching and education. It also claims to have more than 1,50,000 students enrolled for the test preparation.
Last month, Toppr had acquired EasyPrep, a customized exam creation platform for schools to accelerate its plans to become one of India’s most dominant players in the field of online education
The entrance exam preparation market for K12 students is growing about 20% every year and is pegged at $8 billion. The Indian test preparation market is expected to be a Rs 10,000 crore market, dominated by offline players.
In this space, the company competes with Embibe.com, Testbook and others. Offline players in this space include Bansal Classes, FIITJEE and Aakash Institute.