India-based education technology provider Toppr has received $35m in a series C round that included Brand Capital, a strategic investment vehicle for media group Bennett Coleman & Co, the Economic Times reported yesterday.
The round also featured Eight Roads Ventures, a venture capital subsidiary of investment and financial services group Fidelity, as well as Helion Ventures, SAIF Partners, Kaizen Private Equity and venture debt provider Alteria Capital.
The round valued Toppr at between $150m and $200m, and the company is in talks to raise $100m more, industry executives told ET.
Toppr has developed an artificial intelligence and machine learning-equipped mobile app to help student prepare for examinations. It has been downloaded more than 6 million times and has more than 1 million monthly active users.
The company raised $2m in seed funding from investors including SAIF Partners and Helion in 2014, with both returning for a $10m round that included Eight Roads (then known as Fidelity Growth Partners) the following year.
Innoven provided $2m in venture debt later the same year, before WGG International, a subsidiary of technology consultancy group Wenlyn Global Group, added approximately $340,000 in April 2017.
Eight Roads entity FIL Capital Management joined SAIF Partners and Helion to invest $7m through a series B round that closed in December 2017. Alteria subsequently supplied $2.3m in debt financing in May this year.