E-learning startup Toppr has raised $2.3 Mn (INR 15.5 Cr) from fresh round of funding led by Alteria Capital. This was debt finance and not the usual equity funding round for the Mumbai based startup, which offers personalized e-learning solutions and is also a online preparation platform for various competitive exams.
Incorporated in 2013, Toppr helps young students –mainly from 5th to 12th grade students – in efficiently preparing for tough competitive exams like IIT JEE Mains, BITSAT and NEET. The startups offer all its e-learning services through a specially designed smartphone app.
Before this funding round, Toppr had so far raised $18.92 Mn through equity funding. Its last funding brought in $6.92 Mn (INR 45 Cr), which was raised by existing investors like SAIF Partners and Helion Ventures.
The Mumbai based startup has also tired the inorganic route to push up its financial and other credentials. In February 2016, it acquired small edtech startup Manch for an undisclosed amount. The startup is reported to be open for more acquisitions, if promising startups are available for stake sale out at attractive pricing.
Edutech space is an untapped opportunity
With unprecedented penetration of internet and smartphones in recent years, edutech space has witnessed emergence of plethora of startups. These startups are trying to tap into the highly lucrative Edutech market, which is growing in leaps and bounce owing to Indian students hunger to learn more skills and knowledge in order to stay ahead in competition.
The stellar success of Bengaluru based startup Bijyus during last few year has shown the kind of growth opportunity that lies in Edutech space.
However, the increasing and ruthless competition has meant that startups like Toppr won’t have it easy.