Mumbai-based Edtech startup Testbook on Wednesday said it has raised Rs60 crore in a Series B funding round from Iron Pillar, a venture growth investor specializing in mid-stage technology companies in India.
The round also saw participation from existing investor Matrix Partners India, as well as Better Capital, AngelList India, and Vikas Choudhury, president of Reliance Jio.
Founded in 2014 by a team of IIT graduates, Testbook helps students from tier II cities and beyond, prepare for government job recruitment exams.
The company said the new capital will be used to scale its live courses and mock tests from the current 100 exams to 400 and build content partnerships with other institutions, on top of the in-house content production capability.
“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 personalized for them,” said Ashutosh Kumar, co-founder & CEO, Testbook.
Testbook said it has 10 million registered users and 500,000 active paid subscribers, and has produced more than 35,000 selections across different government jobs in the last three years. All modules are designed using technology and nearly 40,000 free questions, 3,000 mock tests and 70 courses are available on the platform at all times.
Existing investors Matrix India have over the last two years been part of Testbook’s journey. “Testbook has successfully transitioned from a test-preparation 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.
Source: Mint