Testbook, an Edutech startup has raised an undisclosed amount of funding from education content provider, S Chand and Company. The Mumbai based company was founded by IIT alumni Narendra Agrawal and Ashutosh Kumar, Testbook focusses on online test preparation for competitive exams. In an official statement by the company it was stated that – the startup is working towards building a one stop solution for all competitive exams in the country including Bank PO, IBPS LIC, UPSC, SSC GATE.
Co-founder and CEO of Testbook, Kumar said-
“Testbook currently has close to 4 lakh users and over 1 lakh downloads on its mobile app and has conducted over 7.5 lakh tests in its platform. This association with S Chand will help expand our reach and enter into new markets,”
The investor, S Chand and Company, is led by Dinesh Jhunjhnuwala (who is the Vice Chairman) and Himanshu Gupta (who holds the position of Joint Managing Director), is one of the largest content and service providers in the Indian education sector. The company publishes around 35 million textbooks. The company also delivers over 4,000 hours of e-content to 20 million students, on an yearly basis.
S Chand and Company, has been investing in the Edutech sector in the country. It already has marked its presence in tablet-based content delivery, online tutoring, and online test preparation for government and PSU entrance examinations.The company has successfully completed five transactions since 2014. Last year, in November, S Chand had raised USD 27 million (about Rs 179 crore) funding from World Bank Group member IFC and its existing investor -The Everstone Group.