Toppr, India’s after-school AI-based learning app for K12 students, has raised as much as Rs 350 crore ($46.6m) in its Series D funding round led by global investment firm Foundation Holdings, per an announcement.
The round also saw the participation of the startup’s existing backer Kaizen Private Equity. With the funding, Toppr has so far amassed Rs 700 crore from investors.
Toppr, established in 2013, claims to host over 1 million sessions on a daily basis. It provides K12 syllabus with thousands of course combinations and has reportedly built a community of over 50,000 educators across the country. Its other investors include Eight Roads Ventures, Helion Ventures and SAIF Partners.
A part of the corpus raised will help the startup spruce up its adaptive AI learning platform that has over 1.3 crore registered students, and launch new platforms for coding and schools. The other part will be earmarked to develop its AI-based Toppr School Operating System (OS), a platform for schools to run digitally unifying in-school and after-school learning to create a and personalized experience.
We at DealStreetAsia had earlier written about Toppr looking to raise capital in June.
“With this investment, we now have the capability and reach to truly revolutionize the K-12 education experience and ensure that no learner is left behind,” said Zishaan Hayath, founder and CEO at Toppr.
Meanwhile, Aakash Sachdev, managing director at Foundation Holdings, added: “Our ambition is to implement an industry-leading model for AI-enabled, blended education delivery by empowering educational institutions and teachers to create a platform of change and impact.”
The edtech sector in India seems to be bustling with activity this year ever since the government announced a nationwide lockdown starting end-March. With educational institutes remaining closed, consumers have been forced to embrace online education.
According to the latest research by management consulting firm Ken Research, India’s online education market is growing at 20 per cent per annum and is expected to be touch $2 billion by 2021.
Among investments closed recently in the sector, interactive online tutoring platform Vedantu raised $100 million in its Series D funding round earlier this month, led by US-based investment firm Coatue Management.
Prior to that edtech unicorn Byju’s made headlines for raising funding from Mary Meeker’s technology investment firm Bond at a valuation of about $10.5 billion. It is also in talks with Baring Private Equity Asia (BPEA) as it seeks to raise about $500-600 million in fresh funding. Other startups that raised capital starting April include Cuemath, Pariksha, and Classplus and Flinto Learning Solutions, among others.