Ed-tech startup TESTBOOK secures undisclosed funds from S Chand and Company.
Educational Start-up Testbook has decided to raise funds from the popular education content providing company, S Chand and Company.Bengaluru | Feb 29, 2016 09:31 PM IST.
Testbook, which was founded by IIT alumni Ashutosh Kumar and Narendra Agarwal and its main aim, is to aid users for bettering their process of preparing for different competitive exams. This start-up, based in Mumbai, focuses on accumulating the material that is required for different exams like Bank PO, IBPS LIC, UPSC, SSC GATE and the likes.
This start-up’s app is currently been found to comprise of nearly 4 lakh users, with nearly 1 lakh downloads. In addition to this, the app has conducted nearly 7.5 lakh tests in its platform. Co-founder and CEO of Testbook, Ashutosh Kumar believes that the collaboration with S Chand and Company will help their company to expand over various systems and embark their skills over new markets.
S Chand Group, which is managed by Dinesh Jhunjhnuwala, who is the Vice Chairman and Himanshu Gupta, who is the Joint Managing Director of the company; is one of the largest education and content service providers in the country that has published over 35 million text books. It is known for delivering nearly 4,000 hours of e-content to users across the country and nearly 20 million students every year.
It is known for imbuing its funds in the fast growing educational-tech space where it concentrates on providing online tutoring, online tests and test preparation classes for government and PSU entrance examinations; and in addition, tablet based content delivery. Last year, the company had invested an USD of 27 million, its equivalent in Indian currency ranging up to Rs.179 crore financing from IFC, which is a member of the World Bank Group and also from its existing investor, the Everstone Group.