Mumbai-based Testbook, a test prep startup that focuses on central and state government job exams, has raised Rs 60 crore ($8.3 million) in a fresh funding round led by venture capital firm Iron Pillar.
The startup said its existing investors Matrix Partners India, Better Capital, AngelList India and Vikas Choudhury, President of Reliance Jio, have also participated in the Series B funding round.
Founded in 2014 by Ashutosh Kumar, Narendra Agrawal, Manoj Munna, Praveen Agrawal and Arpit Oswal, Testbook helps students crack central and state government exams. It offers both free and paid subscriptions for access to its tutorials, tests and other course materials to the aspiring students. The company currently has more than 10 million students registered on its platform. It claims to have helped more than 35,000 students crack government exams till date.
Testbook is on a mission to reshape the process of how students prepare online for competitive exams. It is currently present in north Indian cities and towns where it also has around 70 offline study centers. With the new funding, the company plans to expand in southern India and grow the number of exams on its platform to help aspiring candidates. Testbook also plans to set up offline centers in smaller towns to enable students to access its platform to prepare for competitive exams in India.
Speaking on the development, Ashutosh Kumar, Co-founder and CEO of Testbook, said,
“We are looking to increase the number of exams to 400 from current level of 100. As we expand in south India, we are looking to add regional languages for state government jobs. So far, over 35,000 students have successfully passed such exams via our platform.”
Testbook provides almost everything students need for exam preparation. It provides online courses, practice question bank, mock test series, study notes, strategy and preparation plans, guidance and mentoring and more.
Commenting on its latest investment in Testbook, Sameer Nath, Managing Partner at Iron Pillar, said,
“This investment fits well with Iron Pillar’s approach of backing visionary entrepreneurs who are driving innovation along with proven execution and capital efficiency.”
Testbook had raised Series A funding from Matrix Partners in 2017. Prior to this, the startup had also raised funding from S. Chand and Utsav Somani of AngelList among others.