Mumbai-based startup Toppr, an online platform for test and exam preparation, announced that it has raised a $2 million Venture round from SAIF Partners and Helion Ventures. As part of the deal Rahul Chowdhri will join the board of Toppr.
This new funding will be used mainly to scale the product, acquire new customers and also grow the team to 50 people.
Toppr which specializes in medical and engineering entrance exams as well as secondary school test prep claims that 8,000 students have used the platform since its inception in 2013.
The startup’s catalog currently consists of 45,000 questions total for the different exams and tests offered on the platform. The content is developed by freelancers for Toppr.
“We decide what are the relevant questions that a student should solve and they will be different for each depending upon the algorithm.”
said Zishaan Hayath, co-founder of Toppr.
In its first year the startup has offered its service directly to consumers, half of which use Toppr from a mobile device, but has plans to offer its online solution to schools as a supplement for their classroom instruction.
Prices vary depending on the exam or test a student wants to take and also the duration of the contract. Prices per month start as little as $4, exam prep rates are currently in the range of $80 to $100 (All rates indicated depend on the current exchange rate and may vary slightly).
Toppr positioned itself in a sizeable market. In India alone 1.4 million students and 800,000 medical students would take the respective entrance exams each year according to Yourstory. The Economic Times estimates the Indian test prep market at $7-8 billion. Toppr itself wants to reach 1 million students by 2016.
The startup initially raised Angel funding in 2013 when the company launched and plans to raise a larger round in the next year, Hayath told the Economic Times.
- SAIF Partners, Helion Ventures to invest Rs 12 crore in Toppr.com | Economic Times
- Toppr raises INR 12 crores from SAIF Partners and Helion Ventures | Your Story