Toppr raises Rs 350 crore in Series D from Foundation Holdings

This investment will further help to develop the AI-based Toppr School Operating System (OS) - a ground-breaking platform for schools to run digitally unifying in-school and after-school learning to create a standardized and personalized experience, claims Zishaan Hayath, Founder and CEO, Toppr.

“The additional funding is a tremendous vote of confidence for this mission. With this investment, we now have the capability and reach to truly revolutionise the K-12 education experience and ensure that no learner is left behind. We are 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,” Hayath added.

Toppr currently helps prepare over 1.3 crore learners for various school, board, and competitive exams on its AI platform. The venture claims to use natural language processing to solve learner doubts instantly & artificial intelligence, machine learning, and big data to study student behaviours and create adaptive learning paths with infinite combinations. Ensuring, every student has a unique and adaptive learning experience.

Speaking about the investment, Aakash Sachdev, Managing Director of Foundation Holdings, said, “Toppr’s community of 50,000+ educators from across the country has contributed to over 35 lakh learning pieces, including questions, solutions, concepts, games and videos for the students. Our investment in Toppr also reflects our commitment to empowering great teachers via the new School OS. The new School OS already has 55,000+ learners on it.”

Research from HolonIQ forecasts that over $87 billion will be invested in EdTech over the next 10 years, almost triple to the prior decade. According to the latest research by management consulting firm Ken Research, India’s online education market is growing at more than 20 percent per annum and is expected to be sized at $2 billion by 2021.

“Our objective is to work with Toppr to further cement its leading position, enhance its quality offerings and substantial growth prospects and amplify its brand enabling it to be IPO ready and find a home on the Nasdaq or international stock exchange,” said Abhishek Sharma, Chief Executive Officer at Foundation Holdings said.

In connection with the transaction, CLSA is serving as a financial advisor whilst IndusLaw is serving as the legal counsel to Toppr. “Toppr’s relentless focus on creating the best product which feeds into high levels of engagement and renewal metrics and superior management team helped drive strong investor interest in the deal,” said Pankaj Agrawal, Investment banking Head at CLSA.