In the present scenario, Indian ed-tech startups are seen as a lucrative shot. Considering the youth population and growing literacy in the nation, investors nowadays are excited to tap the education space. Just within a week’s span, another venture ‘Testbook.com’, an online test preparation platform has grabbed an undisclosed Series A round led by Matrix Partners India. This investment follows pursuit to the fresh $30 million capital infusion into Byju’s by Brussels-based family office Verlinvest.
Operated by Mumbai-based Share Infotech Pvt Ltd, Testbook will channelize the funds to expand its product offerings in the country. The platform presently serves students and government job seekers preparing for examinations such as SBI PO, SSC CGL, IBPS PO, IBPS Clerk, LIC AAO, GATE, and CAT, among others.
Founded in 2014 by a cohort of IIT Bombay and IIT Delhi alumni – Ashutosh Kumar, Narendra Agrawal, Yadvendar Champawat, Abhishek Sagar, Manoj Munna and Praveen Agrawal, the platform provides content across its website and mobile platform. It also has its own offline centers in select cities. It offers free tailored mock tests to students which can be upgraded at a certain price. They can also purchase subject-wise modules, attend live tests and opt for exam notification updates from IBPS.
Testbook secured Rs.1.5 crore from Ah Ventures! in 2014 and nabbed an undisclosed amount in funding from education content provider S Chand & Co Pvt. Ltd in March, the last year. This is the latest fundraising round for the venture following the mentioned two capital gains, since its commencement of the business in 2014. Testbook competes against well-established education ventures such as Meritnation, Toppr, Unacademy, Byju, CL Educate and Tutorvista among others.
Speaking of the round, Rajat Agarwal, Vice President of Matrix India said,
Ashutosh and team have several unique insights on how to succeed in this market and we especially like the quality of their content, technology thinking, and unique go-to-market strategy. Edtech is a focus area for Matrix and we will make multiple investments in the space.
