Edtech startup Toppr has raised $35 million from Kaizen Private Equity and existing investors SAIF Partners, Helion Ventures and Eight Roads Ventures. Also participated in the round were Alteria Capital and Times Group’s strategic investment arm, Brand Capital.
Toppr has now raised a total of $58 million and plans to use these funds to improve its e-learning platform in its mission to make learning personalised.
The company currently has over six million registered students with over one million app downloads. It claims to have more than 29,000 educators with distribution in 15 cities.
The announcement comes a few days after its rival Byju’s raised $540 million from Naspers, a global internet and entertainment group, along with participation from Canada Pension Plan Investment Board (CPPIB).
"This is a Series C funding by new and existing investors. It is a reflection of our highly engaging product, robust business fundamentals, and the faith that the investors have in us. This capital will be used to create brand awareness, accelerate user acquisition, increase our geographical footprint and invest in training and development,” said Zishaan Hayath, Founder and CEO of Toppr.
The e-learning market is vast in India with corporate professionals and startups alike doing well in the market. According to a report, the online education market in India is poised to grow at a CAGR of 20.02 percent during 2017-2021 period.
Founded in 2013 by Hayath and Hemanth Goteti, Toppr started by offering courses to Class XI and XII students. The company caters to students between fifth and 12th grades, and offers questions, solutions, concepts, practice tests and videos for students signed up on the app and prepare them for competitive entrance exams such as IIT JEE mains and advanced, BITSAT, and NEE.
“A robust pedagogical approach that keeps students engaged and delivers outcomes, thoughtful use of artificial intelligence, and a strong management team are aspects of Toppr that convinced us about the company’s ability to continue making a significantly positive difference to the way children learn. We are pleased to join hands with SAIF Partners, Helion Ventures and Eight Roads Ventures in this path-breaking venture,” said Sandeep Aneja, managing partner at Kaizen PE.
The Mumbai-based startup had raised Rs 15.5 crore in debt funding led by Alteria Capital in May this year.