8 January 2020, Mumbai: Testbook, an ed-tech company that helps students prepare for Government Job Recruitment Exams, announced today that it has raised INR 60 cr in its Series B round of funding led by Iron Pillar. The round also saw participation from existing investor Matrix Partners India, as well as Better Capital, AngelList India and Vikas Choudhury (President, Reliance Jio).
Founded in 2014 by a team of IIT graduates, Testbook is a comprehensive, online learning, practice and assessment platform enabling students to prepare for recruitment exams of Government jobs such as SBI PO, SSC CGL, IBPS PO, Railways and many more. Preparation for entry-level jobs including government positions is a $7 billion market with over 90 million aspirants looking for such jobs every year.
Pioneering the shift of exam preparation from offline to online, Testbook has served over 10 million users till date and has 50,000+ monthly paying students. Testbook has also been at the forefront of launching unique products for these aspirants including Comprehensive Live Course with Study Plan, Platform wise subscriptions for Courses & Mock Tests and Digital Sample Papers.
Commenting on the fundraise, Ashutosh Kumar, Co-Founder & CEO, Testbook said, “We’re thrilled and excited to partner with Iron Pillar on our journey to build the best outcome-driven learning platform for students to prepare for any government exam. With this growth capital, Testbook will aim to scale its Live Courses and Mock Tests from the current 100 exams to 400 exams. Content partnerships with reputed institutions on top of our in-house content production capability will provide extra mileage. Testbook will also invest in Data Science and Machine Learning to make the entire learning cycle adaptive for students so that the curriculum and their study plans are personalized for them. Testbook has been the most popular brand for millions of government job aspirants for its high quality and affordable Mock Tests, and now we are receiving the same response from students for our Live Courses which we believe will be 10x better in the coming days.”
“We’re delighted to invest in Testbook, a differentiated ed-tech company addressing a large market via a structured, adaptive and result-oriented curriculum. This investment fits well with Iron Pillar’s approach of backing visionary entrepreneurs who are driving innovation along with proven execution and capital efficiency. We look forward to partnering with Ashutosh, Narendra and the Testbook team on the next phase of their growth and to collaborating with a terrific group of investors, led by Matrix.” said Sameer Nath, Managing Partner, Iron Pillar.
“We’re privileged to be early partners with Ashutosh, Narendra and the Testbook team, and to have had a ringside view to their remarkable growth journey. Over the last two years, they have successfully transitioned from a test-prep. company to a full-blown online learning platform – all achieved while being highly capital efficient and with strong unit economics. We look forward to the next leg of the journey and welcome Iron Pillar to this partnership.” said Rajat Agarwal, Director, Matrix India.