Online test preparation platform Toprankers has raised $4 million in funding round from Sixth Sense Ventures.
The company plans to utilize the funds to introduce new categories such as Study abroad Programmes, Tuition Courses, Career Counseling Programmes and Finance & Commerce Test Prep in the Test Prep segment.
It also plans to hire around 160 teaching and non-teaching staff in the next 12 months.
Toprankers was founded in 2016 by Gaurav Goel, Karan Mehta, and Harsh Gagrani, It offers courses in Test Prep segment focusing on Law, Judiciary Services and State Exams, Management with focus on Design, Fashion and Architecture entrance exams like Central Universities Common Entrance Test (CUET) and architecture exams like National Aptitude Test in Architecture (NATA).
The company offers these courses under various brands such as Legal Edge, JudiciaryGold, SuperGrads and Creative Edge.
“Our focus is to be a full-stack career company. We are trying to help students answer the what and how to study. NEET (National Eligibility cum Entrance Test) and JEE (Joint Entrance Exam) are not the only career options and throughout the platform, we prove that there are a lot of successful careers,” Gaurav Goel, founder and CEO of Toprankers.
“We started something called toprankers hybrid six months back and we are seeing a lot of traction from it. Setting up offline centre costs anywhere from Rs 50-60 lakh,” he added.
The startup currently has around 10 offline centers under the Toprankers Hybrid brand.
Apart from Toprankers, several edtech platforms including Physics wallah,Vedantu, Unacademy and Byju’s are also in the process of either expanding or building an offline presence.
The company is also looking to make acquisitions in the study abroad and career consulting sectors.
“We are in active discussions with two offline institutes. We are looking at acquisitions in career counselling and discovery, finance and study abroad categories. Our first acquisition will take place in the next 12 months,” Goel also said.
The startup claims to have helped over two lakh students so far and aims to make a career for 10 lakh students in the next three years.
“CUET will potentially create a huge test-prep vertical. Being one of the first movers with an active product enables Toprankers to capitalise on this opportunity”, said, Nimisha Nagarsekar, investment partner, Sixth Sense Ventures.
It has an annual revenue rate of $3 million and plans to double that over the next 12 months.
Toprankers, launched in 2015, is India’s most preferred digital counselling & preparation platform for careers beyond engineering & medicine. They envision to build awareness and increase the success rate for lucrative career options after 12th. They offer best learning practices and end-to-end support to every student preparing for management, humanities, law, judiciary & design entrances.