Matrix Partners invests in online test prep startup Testbook

By Binu Paul

  • 03 Apr 2017
Credit: Thinkstock, an online test preparation platform for competitive exams, has raised an undisclosed amount in unding from venture capital firm Matrix Partners India, it said in a statement.

The startup plans to use the fresh capital to enhance its product offering.

Testbook, which is operated by Mumbai-based Share Infotech Pvt Ltd, is an online test preparation platform for government jobs and competitive exams such as SBI PO, SSC CGL, IBPS PO, IBPS Clerk, LIC AAO, GATE and CAT, among others. The platform allows students to attend live tests and is designed to simulate an environment similar to the actual examination, the company claims. Its content can be accessed through its website, mobile app or offline test centres in select cities.

Testbook was founded in early 2014 by a group of IIT Bombay and IIT Delhi alumni – Ashutosh Kumar, Narendra Agrawal, Yadvendar Champawat, Abhishek Sagar, Manoj Munna and Praveen Agrawal.

The company raised an undisclosed amount in funding from education content provider S Chand & Co Pvt. Ltd in March last year. In 2014, the firm secured Rs 1.5 crore through LetsVenture, an online platform that connects startups with investors, and ah! Ventures, the angel network of Club Ah!.

Of late, ed-tech startups have elicited a lot of investor interest.

Bangalore-based Byju’s is India’s most funded company in the education and test preparation segment. Just three months after closing its last round, Byju’s raised an undisclosed amount from Belgian family office Verlinvest last week. Byju’s has raised around $170 million over the past year.

New Delhi-based CL Educate, which runs test-preparation brand Career Launcher, became the first education services company from India to float an initial public offering (IPO) in five years—after MT Educare Ltd in March 2012—when it launched its IPO on March 20.

Online learning platform Unacademy raised $4.5 million in Series A funding led by Nexus Venture Partners and existing investor Blume Ventures in January this year.

Bangalore-based online test preparation startup TopRankers raised Rs 4.5 crore ($670,000) in angel funding from CareerNet Consulting Pvt. Ltd and Ideation Initiative Pvt. Ltd in September 2016.

Other startups in the sector include Meritnation, Toppr and Tutorvista.

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