Testbook raises undisclosed Series A funding led by Matrix Partners
Online edtech startup Testbook has raised an undisclosed Series A funding led by Matrix Partners. The core team consists of Ashutosh Kumar, Narendra Agrawal, Manoj Munna and Praveen Agrawal, IIT Bombay alumni, and Yadvendar Champawat and Abhishek Sagar, IIT Delhi alumni.
The platform enables students to prepare for recruitment exams for government jobs as SBI PO, SSC CGL, IBPS PO, Railways, and many more. Preparation for exams for government jobs is one of the largest education markets in the country with over 40 million students appearing every year for such exams.
Students can purchase mock tests from the Testbook website, Android app or through offline Testbook Test Centres and Smart Labs in select cities. Testbook offers personalised guidance and detailed solutions for all questions along with all-India ranking for select mock exams.
Students can also remain abreast with current affairs in Hindi or English through Testbook’s Daily Current Affairs app that has been downloaded by over two million students and is one of the highest rated education apps in India. Ashutosh Kumar, Founder and CEO of Testbook, says,
“With this round of funding, we will be focusing on growth and improving our product. Currently, we also want to focus on online and offline activation across the northern part of India.”
He adds that the company is focusing on reshaping the process of how students prepare for competitive exams.
A free Testbook test series is also bundled with the new book titled Quantitative Aptitude for Competitive Exams written by well-known author R.S. Aggarwal and published by S. Chand and Company, an investor in Testbook.
Testbook provides free tailored mock tests for users, with upgradable plans for their live tests for different exams. Through the platform, users can solve questions, check answers and explanations, and get access to analytics to track their performance and improve on their weak points. They also provide subject- and chapter-wise modules, bookmarking ability, and exam notification updates from IBPS.
Speaking of the investment, Rajat Agarwal, Vice President of Matrix India, says that they are excited to partner with the Testbook team in its mission to disrupt the competitive exam preparation market. He says,
“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.”
Testbook competes with Toppr, which raised Rs 65 crore earlier in May 2015. Some of the startups in the space have even shut down. But some startups still exist, these include Testpitara, Embibe, and a few others.
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