Bangalore, India-based edtech startup Toprankers raised USD 4 million in a funding round on June 13, 2022. Sixth Sense Ventures led the funding for Toprankers.
Purpose of Funding for Toprankers
The edtech platform will use the recent investment to introduce new categories in the test prep segment. The new categories come under the labels such as study abroad programmes, tutoring courses, career counselling programmes, and finance and commerce test preps.
Meanwhile, Toprankers seek to set up around 25 offline centres. They will be launched in Kota, Rajasthan, Madhya Pradesh, Delhi and Uttar Pradesh. So far, it has around ten offline centres under its brand Toprankers Hybrid.
Besides, the platform looks up to ramp its hiring operations. It has plans to hire around 160 teaching and non-teaching staff in the next 12 months. Moreover, some funds will be deployed towards making acquisitions in the study abroad and career consulting sectors.
What the founder has to say
“Our focus is to be a full-stack career company. We are trying to help students answer the what and how to study. NEET (National Eligibility cum Entrance Test) and JEE (Joint Entrance Exam) are not the only career options. Throughout the platform, we prove that there are a lot of successful careers,” Gaurav Goel, founder and CEO of Toprankers.
“We started something called toprankers hybrid six months back, and we are seeing a lot of traction from it and setting up offline centre costs anywhere from Rs 50-60 lakh. We are in active discussions with two offline institutes. Besides, we are looking at acquisitions in career counselling and discovery, finance and study abroad categories. Our first acquisition will take place in the next 12 months,” he further added.
What the investors have to add
“CUET will potentially create a huge test-prep vertical. Being one of the first movers with an active product enables Toprankers to capitalise on this opportunity”, said Nimisha Nagarsekar, investment partner, Sixth Sense Ventures.
About Toprankers
Gaurav Goel, Karan Mehta, and Harsh Gagrani co-founded Toprankers in 2016. It offers courses in the test prep segments such as law, judiciary services, etc. Besides, they provide preparation for state exams and management test prep exams like Central Universities Common Entrance Test (CUET). Toprankers also cater to the design, fashion, and architecture entrance tests such as the National Aptitude Test in Architecture (NATA).
These courses are introduced under different Toprankers brands such as LegalEdge, JudiciaryGold, SuperGrads and CreativeEdge. So far, the company has catered to the two lakh students to start their careers. It has plans to build careers for 10 lakh students over the next three years. Toprankers have an annualised revenue run rate of USD 3 million. They aim to double this in the next 12 months.
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