Online test prep platform Toppr has raised $2 million in a fresh round of funding from enture-debt provider InnoVen Capital.
This is the third round of funding for Toppr after the company raised a $10 Million Series B round from Fidelity Growth Partners with participation of existing investors SAIF Partners and Helion Venture Partners. Prior to that, the company had raised $2 Million from SAIF and Helion and acquired EasyPrep, a customized exam creation platform for schools.
Start-ups that have taken the venture-debt financing route include ad-tech firm InMobi Technologies Pvt. Ltd, mobile recharge firm Freecharge (owned by Snapdeal) and customer relationship management solutions provider Capillary Technologies Pvt. Ltd.
Zishaan Hayath, who is a co-founder and also an active angel investor, said that Toppr plans to use the funds for two acquisitions. His investee companies include the likes Ola, Zo Rooms and DoorMint among others.
Toppr offers online test preparation material for students who are appearing for engineering and medical entrance examinations.
It claims that more than 40% of its users are from Tier II and Tier III cities which lag quality teaching and education. It also claims to have more than 1,50,000 students enrolled for the test preparation.
(With inputs from agencies)