Haygot Education Pvt. Ltd, based in Mumbai, operates ed-tech startup, Toppr and the company has raised additional capital of Rs. 45 crores as part of its series B funding exercise through its existing investors as per a report by Debjyoti Roy in VC Circle.
According to the information given out by sources which do not want to be identified, the three institutional investors, SAIF Partners, Helion Ventures and FIL Capital Management have, between them, picked up the bulk of this round of investment in Toppr. This would constitute a 11.73% equity in Haygot Education Pvt. Ltd., the same source has revealed. The startup had, earlier, in 2014 and 2015, raised around $12 million as part of the seed funding and series B funding initiatives.
Toppr provides its service through a downloadable mobile app and claims two million adaptive users on its platform and over one million app downloads.
The startup has created a community of over 8,000 educators from across the country and students can sign up and avail from over one million resources in the form of videos, questions, solutions and concepts. Toppr claims that it has achieved high levels of retention of students as evidenced by over 90% students renewing their subscriptions when they move up from one class to the next. The startup caters to students in class 5 to class 12 and is keen to expand the scope and reach of its services across the country. The company has an ambitious target of reaching revenues of $500 million in the next four years.
Zishaan Hayath and Hemanth Goteti are the founders of this startup. Hayath has himself been an angel investor and has been associated with many ventures before founding Toppr.
Apart from helping students with their mainstream academic subjects, Topprâ€™s app also has modules to assist them in preparations for different entrance and competitive examinations.
Students have the option to pay a monthly subscription of Rs. 250 or to pay Rs. 6,900 for three years in one go. Byjuâ€™s is the major competitor in this field for Toppr.