TopRankers, an online education portal, has announced raising of Rs. 4.5 crore in its angel funding round from Careernet Consulting and Ideation Initiative Pvt. Ltd.
With the newly raised capital, the company will further work on improving its technology and expand the company’s reach geographically. It is also planning to engage more than 150 education institutes in the next few months across more than 50 cities. It also aims to add 5,00,000 students on its platform in the next 12-18 months.
In a statement, the company said:
The portal currently has more than 50,000 users registered, Additionally, the all-India mock test prepared by TopRankers gives students a rough idea about the different formats and types of questions asked on such competitive exams, and help them analyse their weaknesses, giving them ample time to prepare for the main exams.
TopRankers was founded by Gaurav Goel, Malay Sarkar, Mehbub Hussain, Harish Goswami and Himanshu Joshi in 2014. It is based in Bangalore, and also has offices in Delhi and Bhopal. The company has a team of around 30 people, along with 50 freelancers.
It is an online preparation portal for competitive exams that provides study material and practice tests. It operates on a business-to-business (B2B) model with education institutions. In this model, the company offers software as a service (SaaS) product to educational institutions called TopRankers Edge, allowing institutions to upload their content and study modules online.
Along with B2B, the company also has a business-to-consumer (B2C) segment, which is catering to students. Currently, it has more than 35 institutes as its client across more than 10 cities. The portal enables students to prepare for competitive exams in banking, law and public services.
Commenting about the funding, Mohit Gupta, managing director, Ideation Initiative, said,
It has been estimated that around 1.8 crore students takes these (competitive) exams every year. With the international online learning market expected to reach $107 billion by the end of this financial year, there are numerous players that have already started filling in the gaps.
Rishi Das, CEO CareerNet said,
The competitive education segment in India is estimated to be worth USD 6 Billion and with more exam being held online, it is likely to grow exponentially in future. As an up-and-coming venture in this space, TopRankers certainly plays a vital role in transforming the way students prepare for such exams, and also introduce new & innovative technology in this space, which can completely revolutionize the learning process.
Financial status of ed-tech startups have been on a roll for quite some time now. Recently, BYJU’s has also raised around $50 million in Series D round of funding from Chan Zuckerberg Initiative to expand its presence internationally.