Toppr Joins India’s Edtech Funding Boom With $47-Million Fundraise
Toppr raised around $47 million, or about Rs 350 crore, in a growth funding round as edtech startups continue to benefit from the pandemic-driven online learning boom.
A Dubai-based investment firm, Foundation Holdings, led the fresh investments into the Mumbai-based e-learning platform. Existing investors such as Kaizen Private Equity also participated, according to a statement. The latest funding round takes the total funds raised by the edtech startup to about Rs 700 core.
The seven-year-old startup said it will use the funding to develop an artificial intelligence-based Toppr School Operating System to run “in-school” and “after-school” learning, creating a standardised and personalised experience.
With this, Toppr joined the likes of Byju’s and Vedantu, among others, that have raised capital amid the Covid-19 crisis as students, parents and youngsters stayed home and took to online education. Already this year, education-focused startups have raised more than twice the funds they did in all of 2019.
Founded in 2013, Toppr provides products and services aimed at K-12 (kindergarten to 12th grade) students. The platform has emerged as the highest traffic destination for k-12 learning and hosts over 1 million sessions daily. It also prepares the students for various competitive exams.
The firm, Chief Executive Officer and Co-Founder Zishaan Hayath said, has seen its paid subscribers grow fourfold during the April-June quarter. “The shift in user behavior is here to stay,” he said, adding parents and students are trying online learning as a go to learning resources in these difficult times. “As they continue to engage and explore various features, they realise that online learning is a lot more powerful than an offline coaching class.”
Abhishek Sharma, CEO at Foundation Holdings, said, “Our objective is to work with Toppr to further cement its leading position, enhance its quality offerings and substantial growth prospects and amplify its brand enabling it to be IPO-ready and find a home on the Nasdaq or an international stock exchange.”
Foundation Holdings has led successful initial public offerings across the New York Stock Exchange, London Stock Exchange, Australian Stock Exchange and the Dubai Financial market focused toward healthcare and education sectors.