Toppr, a mobile app for personalised learning for school students, raised a total of $12 million so far including May 2014 and May 2015 in its Seed and Series B funding rounds, according to an official statement.
“This is a second round of series B funding by our existing investors…This capital will be used to expand the geographical foot print and accelerate user acquisition. We expect this capital to take us to full profitability,” said Zishaan Hayath, CEO & Founder, Toppr.
Mumbai-based Toppr claims to have over 2 million registered students and over 1 million app downloads. It plans to expand aggressively and open centres in 30 cities by December 2017.
India’s online education market is expected to grow to $1.96 billion and about 9.6 million users by 2021 from $247 million and about 1.6 million users in 2016, according to a report by KPMG and Google Inc published in May.
With the immense potential in this space, investors are also keen on investing in ed-tech firms. Last month, Unacademy had raised $11.5 million in its Series B round led by venture capital firms Sequoia India and SAIF Partners with participation from existing investors and angels including Nexus Venture Partners and Blume Ventures.
The largest of these is Byju’s, which has raised an undisclosed amount of funding in a fresh round from China’s internet giant Tencent Holdings Ltd in July this year. In March, the company raised about $30 million from Brussels-based family office Verlinvest. It had also raised about $75 million from Sequoia Capital and Belgian family office Sofina. Prior to which it had received $50 million in a round led by the Chan Zuckerberg Initiative, followed by $15 million from International Finance Corporation.