In Another Edtech Funding, Toppr Scoops Up INR 350 Cr In Series D Round
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Edtech Startup Toppr has raised INR 350 crore in series D round led by Dubai-based multi-family office investment firm, Foundation Holdings. Kaizen Private Equity also participated in the round.
The covid-19 pandemic led lockdowns have brought education technology startups in focus, with investors pumping millions of dollars in this sector. About two weeks back, Vedantu raised USD 100 million as part of its Series D round led by US-based investment firm Coatue to become the second most valued edtech startup in the country.
Founded in 2013 by IIT Bombay alumni Zishaan Hayath and Hemanth Goteti, Toppr is an artificial intelligence (AI) based learning platform for K12 (kindergarten to 12th grade) students. To ensure that every student has a unique and adaptive learning experience, the platform uses machine learning, AI and big data to study student behaviors and create learning paths with infinite combinations. Toppr currently has over 1.3 crore learners on its AI platform, offering them help to prepare for various school, board and competitive exams.
Backed by some of the marquee investors, including Saif Partners, Helion Ventures and Eight Roads Ventures, the Mumbai-based startup has raised cumulative INR 700 crore so far.
Toppr plans to use the recently infused capital to bolster its adaptive AI learning platform and to launch new platforms for coding and schools. The fresh funding will also help the company develop AI-based Toppr School Operating System (OS), a platform that will enable schools to digitally unify in-school and after-school learning to create a standardized and personalized experience, the company said in a statement.
“We are committed to our mission to make learning personalised. The additional funding is a tremendous vote of confidence for this mission,” said Zishaan Hayath, Founder and CEO, Toppr. “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.”
Commenting on the significance of e-learning platforms amidst the Covid-19 pandemic, Abhishek Sharma, CEO, Foundation Holdings said, “UNESCO states that 1.1 billion students had their schools partially or fully closed by April 2020 due to Covid-19. Education institutions were often scrambling to offer quality e-learning tools. We believe that omni-channel, blended learning is the future and that we are set to sail into the golden age of education and education technology.
Research from HolonIQ, an intelligence platform for education, forecasts that over USD 87 billion will be invested in edtech sector over the next 10 years, as per the company statement. Latest research by management consulting firm Ken Research reveals that India’s online education market is growing at over 20 per cent annually and is expected to be sized at USD 2 billion by 2021.
Even before the Covid-19 pandemic caused disruption in the education space, edtech startups have been garnering investments from some of the leading investors globally. Byju’s, second most valued startup in India after hospitality major Oyo, had raised an undisclosed amount from US-based Bond in January this year to be valued at USD 10.5 billion.