[Funding alert] Edtech startup Testbook raises Rs 60 Cr led by Iron Pillar
Edtech startup, which helps students prepare for government job recruitment exams, on Wednesday said it had raised Rs 60 crore as a part of its Series B round of funding led by Iron Pillar. The round also saw participation from existing investor Matrix Partners India, along with Better Capital, AngelList India, and Vikas Choudhury (President, Reliance Jio).
Founded in 2014 by a team of IIT graduates, Testbook is an online learning, practice, and assessment platform that enables students to prepare for recruitment exams such as SBI PO, SSC CGL, IBPS PO, Railways, and many more.
The Testbook team wants to personalise the learning experience for students.
Commenting on the fundraise, Ashutosh Kumar, Co-Founder & CEO, Testbook, said,
“We’re thrilled and excited to partner with Iron Pillar on our journey to build the best outcome-driven learning platform for students to prepare for any government exam. With this growth capital, Testbook will aim to scale its live courses and mock tests from the current 100 exams to 400 exams. Testbook will also invest in data science and machine learning to make the entire learning cycle adaptive for students so that the curriculum and their study plans are personalised for them.”
Until now, Testbook claims to have served over 10 million users and has more than 50,000 monthly paying students.
Sameer Nath, Managing Partner, Iron Pillar, said, "We’re delighted to invest in Testbook, a differentiated edtech company addressing a large market via a structured, adaptive, and result-oriented curriculum. This investment fits well with Iron Pillar’s approach of backing visionary entrepreneurs who are driving innovation along with proven execution and capital efficiency. We look forward to partnering with Ashutosh, Narendra, and the Testbook team on the next phase of their growth."
Testbook has, in the past, also launched unique products for these aspirants, including live course with study plan, platform wise subscriptions for courses, and mock tests along with digital sample papers.
“We’re privileged to be early partners with Ashutosh, Narendra, and the Testbook team, and to have had a ringside view to their remarkable growth journey. Over the last two years, they have successfully transitioned from a test prep. company to a full-blown online learning platform – all achieved while being highly capital efficient and with strong unit economics. We look forward to the next leg of the journey and welcome Iron Pillar to this partnership,” said Rajat Agarwal, Director, Matrix India.
Testbook has also produced more than 35,000 selections across different government jobs in the last three years. The platform presently offers 40,000 free questions, 3,000 mock tests, and 70 courses.
(Edited by Teja Lele Desai)