Toppersnotes, an edtech start-up that operates in the test preparation industry, has raised $1 million (around Rs 7.4 crore) in a seed funding round led by Inflection Point Ventures, the company said in a statement.
The round also witnessed participation from VC firms LetsVenture, PlanB Capital, Pulkit Agrawal, CEO of Trell, Ashish Sharma, MD of Innoven Capital among others.
The company said it would use the funds to acquire talent, boost technology and expand its presence by taking on test preparation in several new subjects across the board, the statement said
Operated by Sierra Innovations Pvt Ltd, Toppersnotes was founded in 2015 by IIT Bombay alumnus Ayush Agrawal, Toppersnotes Chief Executive Officer (CEO), Devendra Dhaka, Chief Technology Officer (CTO) and Arpit Bansal, Content Head. Currently, the startup has in its bouquet over 70 examinations like UPSC, GATE, NEET, IIT, and BANK, and those for state-level government jobs. The startup has over 300,000 aspirants registered on its platform, primarily from tier 3 and below towns, the statement said.
Toppernotes has adopted a Phygital model, which will allow students to have access to content delivery, and enhanced performance tracking and guidance with the use of personalised revision planners and learning schedules.
“With our technology and structured content, we intend to reduce the dependency on live teacher-based learning, thus democratising education and making it affordable for everyone. Currently, students rely heavily on textbooks, coaching, and local tutors, but with personalised learning features, we will disrupt the test prep space,” Ayush Agrawal, Founder & CEO, Toppernotes said in the statement.
The investment is IPV’s 40th deal in 2021. The VC firm said it has closed 100 deals worth Rs. 292 crore investment done to date. “Preparing for key examinations could be a real challenge at times, especially when the right guidance and help isn't available. Toppersnotes bridges this gap and ensures that the students get the much-needed support for preparation, along with offering a virtual classroom experience so that the learning could be enhanced,” Mitesh Shah, Co-Founder, Inflection Point Ventures said in the statement.
“This would ensure quality education reaching the masses, especially smaller towns, where the preparation otherwise is a bit difficult. IPV believes in their ideas and has confidence in the team," he added.
The edtech market has witnessed frenetic funding and mergers and acquisitions (M&A) activity in India since the onset of the coronavirus pandemic last year.
This week, VCCircle reported that Amsterdam-based Global University Systems has acquired 100% stake in Indian education firm Edvancer Eduventures Ltd, that offers online certification courses in data sciences.
Vernacular edtech platform Vidyakul raised an undisclosed amount in a financing round from Dholakia Ventures and other angel investors. Similarly, Bengaluru-based ForeignAdmits raised Rs 3.5 crore in a seed funding round led by Unicorn India Ventures.
Earlier this month, Unacademy Group-owned Graphy acquired edtech platform Spayee for $25 million.
In July, Teachmint Technologies Pvt Ltd, focused on tutor-student connectivity, raised $20 million (Rs 149.4 crore) in a pre-Series B funding round led by global edtech-focused VC firm Learn Capital.
According to a report by BLinC Investment Management, India’s edtech sector is expected to grow at a CAGR (compound annual growth rate) of over 15% to $30 billion in 2030, from $2.8 billion in 2020.
With over 9,000 edtech startups, of which 750 have raised about $8.5 billion to date, India is the third-largest economy to attract private investors during 2021.