EdTech startup Toppr raises US$ 46.7M in Series D funding

Mumbai based EdTech startup Toppr has raised US$ 46.7M in a Series D funding round held in July 2020, led by Gulf-based investment firm Foundation Holdings and existing investors such as Kaizen Private Equity among many others.

Capital raised will be used to enhance its adaptive AI learning product, and launch new platforms focusing on computer programming and schools.  Furthermore, the funds will also be utilized to develop the AI-based Toppr School Operating System, a platform that combines in-school and after-school learning to create a uniform and bespoke experience for its users.

Founded in 2013 by IIT Bombay alumni Zishaan Hayath and Hemanth Goteti, Toppr is India’s leading after-school learning App for Grade 5-12 students created with a vision to make learning tailor-made for them. Their team consists of an extremely passionate team of engineers, educators and designers consistently working on product innovation to enhance user experience. They help students prepare for various school, CBSE board and competitive exams like JEE, NEET, etc. Their e-learning platform is unified with artificial intelligence, machine learning, and big data to study student behavior and create adaptive learning modes with endless combinations. This ensures that every student has a unique and personalized learning experience. The startup claims to have over 13 million users.

The e-learning startup has, to date, raised an estimated US$ 93.5M across multiple funding rounds. CLSA, an investment group specializing in alternative investment, asset management, corporate finance and capital markets, securities and wealth management for corporate and institutional clients around the world represented itself as the financial adviser for the Series D funding deal.

Zishaan Hayath was quoted to say, “With this investment, we now have the capability and reach to truly revolutionize the K-12 education experience and ensure that no learner is left behind. We are also excited about the launch of the School OS and believe this will be a ground-breaking initiative empowering teachers and schools across the industry.”

Toppr has been a recipient of multiple awards since its commencement:

Toppr had acquired EasyPrep, an EdTech startup assisting students in preparing for various exams in 2015.

The startup had acquired Manch, a similar e-learning platform in 2016.

About the founders :

  • Apart from being the founder of Toppr, Zishaan Hayath is an Angel Investor of startups in India. Before this, he worked as VP Product at Futurebazaar.com. He was the Co-founder and VP Product of Chaupaati Bazaar. He served as an Associate Consultant at Opera Solutions. He also served as an Assistant Manager at ITC Limited.
  • Hemanth Goteti is the Co-founder of Toppr. Prior to this, he worked as Head of Engineering at Futurebazaar.com. He had also served as a Principal Engineer at Chaupaati Bazaar. He has also worked as an Engineer at Qlipmedia. Before that, he was the Senior Associate, Software at Synechron. He has also worked as Engineering Consultant at Ubiquiti Inc.

Previous funding

Toppr has raised almost US$ 112.1M in capital over 11 funding rounds by firms like Milestone Trustee Services, Alteria Capital, WGG International, Eight Roads Ventures, Helion Venture Partners and SAIF Partners.

The Dubai-based tactical investment firm, Foundation Holdings, mainly focuses on funding the healthcare, education and consumer sectors, across India and the Gulf region. In 2019, it had declared that it will be investing US$ 100M in a joint endeavor with Ryan International Group over the next five years.

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.


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