Toppr, an education technology startup, announced that it has raised Rs 350 crore in a fresh round of financing led by Foundation Holdings, a global investment firm focused on building sustainable, industry defining companies in the GCC and India’s healthcare, education and consumer sectors.
The company will use the proceeds from the Series D round to ramp up its adaptive AI learning product, and launch new platforms for coding and schools, the company said.
Additionally, the capital will also be utilised to develop the AI-based Toppr School Operating System, a platform that integrates in-school and after-school learning to create a standardised and personalised experience, according to a statement.
Founded in 2013 by IIT Bombay alumni Zishaan Hayath and Hemant Goteti, Toppr has now raised an estimated Rs 700 crore, across rounds, till date.
The latest round of funding has also seen participation from education-focused Kaizen Private Equity, an existing investor in Toppr, along with other “long-time partners”, the company said in the statement. Toppr is also backed by SAIF Partners, Helion Ventures and Eight Roads Ventures.
“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 said.
“UNESCO states that 1.1 billion students had their schools partially or fully closed by April 2020 due to Covid-19. Education institutions were often scrambling to offer quality e-learning tools. We believe that omnichannel, blended learning is the future and that we are set to sail into the golden age of education and education technology,” Abhishek Sharma, chief executive of Foundation Holdings, said.
Last year, Foundation Holdings had announced that it will be investing $100 million in a joint venture with Ryan International Group over the next five years.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.