Toppr, an India-based edtech developer backed by media group Bennett Coleman & Co, has collected $46m in series D funding led by investment firm Foundation Holdings, TechCrunch reported on Tuesday.
The round also featured Kaizen Private Equity.
Toppr has built a mobile app that helps students study 17 subjects and prepare for 58 competitive exams across 22 education boards. The artificial intelligence and machine learning-powered app offers live classes, pre-recorded lessons and practice tests.
The company also offers Codr, a tool to teach children how to code, and an app that allows students to take a picture of a question to receive an instant solution. Toppr has grown to more than 13 million users, with more than 150,000 subscribing to its paid offering.
In recent months, Toppr has also been rolling out another product, School OS, that enables teachers to assign and collect homework digitally and to deliver online lessons.
The series D funding will help Toppr scale its offering and launch marketing activities.
Aakash Sachdev, managing director of Foundation Holdings, will join Toppr’s board of directors. Foundation Holdings will assist Toppr with plans to move towards an initial public offering in the next few years, though a timeline was not revealed.
Toppr has obtained approximately $105m in equity and debt financing so far. It raised $35m in a series C round in late 2018 from Brand Capital, an investment unit of Bennett Coleman & Co, and Eight Roads Ventures, a venture capital division of financial services group Fidelity.
Helion Ventures, SAIF Partners, Kaizen Private Equity and Alteria Capital also took part in the series C round.
Innoven, Wenlyn Global Group, WGG International, FIL Capital Management and SAIF Partners are also among Toppr’s backers.
