Mumbai-based edtech startup Toppr has picked up a Rs 350 crore in a Series D funding round led by Foundation Holdings, an investment firm based in Gulf. The funding round also saw participation from existing education focussed investor, Kaizen Private Equity.
The startup plans to use the freshly raised capital to ramp up its adaptive AI learning product and launch new platforms for coding and schools. It would further be used to develop the AI-based Toppr School Operating System, a platform that would integrate in-school and post-school learnings, to create a standardized and personalized experience.
This is among the latest funding that hails from the education industry, which has witnessed multiplied investments pouring over the past seven months.
13 million learners on-board
Founded in 2013 by IIT-B alumni Zishaan Hayath and Hemanth Goteti, the edtech startup has raised approximately Rs 700 crore, across funding rounds, till date.
The startup claims to have over 13 million learners on its platform and also counts the likes of stage and sector-agnostic investment firm SAIF Partners, Helion Ventures & Eight Roads Ventures among its list of institutional backers.
Hayath, while talking about the investment, stated,
“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. We’re also excited about the launch of the School OS and believe this will be a ground-breaking initiative empowering teachers and schools across the industry.”
As reported by ET (1), Toppr’s investment is the latest in the Indian edtech sector that has seen millions being pumped into it by global investors since the start of this year.
It’s one of the few sectors that has seen growth amid the ongoing COVID-19 pandemic, that led to a nationwide lockdown, forcing all the educational institutions across the country to shut down. Students and teachers are currently relying upon web-based and mobile-app learning.
Over the past few months, other edtech platforms like Byju’s, Unacademy, Vedantu, and Lido learning has raised substantial amounts of capital from firms like General Atlantic, Facebook, Tiger Global, GGV Capital, and Coatue Management.