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.