India: Iron Pillar invests about $8.3m in edtech startup Testbook

Photo: Pixabay

Mumbai-based online edtech startup Testbook has raised about $8.3 million (Rs 60 crore) in a Series B round of funding from venture capital firm Iron Pillar.

Existing investors Matrix Partners India, Better Capital, AngelList and president of Reliance Jio, Vikas Choudhury, also participated in the financing. The latest round takes total equity funding raised by Testbook to a little over $12 million to date, per media reports.

Testbook will use the funding proceeds to expand its offering to include state government recruitment exams to its curriculum and broaden its base of exams to 400 from 100 in the next two years.

Founded in 2014 by IIT graduates Ashutosh Kumar, Narendra Agarwal, Manoj Munna and Arpit Oswal, Testbook assists students to prepare for recruitment exams for Indian government jobs.

Testbook has more than one crore app installs with above 330 crore questions attempted, according to its website. It raised an undisclosed Series A funding led by Matrix Partners in April 2017. Some of its close competitors include OnlineTyari, MockBank, and Careers360.

Meanwhile, Iron Pillar is a venture growth investor specialising in mid-stage technology companies in India. It provides growth capital to proven businesses, focusing on Series B, C and D capital raises, as lead investors.

The firm closed its maiden VC fund at $90 million in October 2018. Its other investments include FreshToHome, Vyome Therapeutics, Sdemec and Servify.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.