S Chand-backed Testbook plans to tap PE funds

Our Bureau Mumbai | Updated on June 11, 2021

Edtech start-up Testbook will soon tap private equity players for another round of capital raising, sources told Business Line.

The company has so far raised nearly $20 million in the past couple of years and is backed by one of India’s oldest education content providers S Chand and Company. Other partners in the company are Matrix Partners, Iron Pillar and AngelList.

Testbook will leverage its off-line ‘Smart-Book’ that is for exam preparations, to raise funds, the sources said. Both the partners (S Chand and Testbook) will be having a 50-50 partnership ratio in ‘Smart-Book’ business, wherein S. Chand claims this unique concept has market potential to be at least ₹500 crore, sources said.

Testbook was founded by IIT alumni Narendra Agrawal and Ashutosh Kumar, Testbook focusses on online test preparation for competitive exams. Testbook will be building a personalised one stop solution for competitive exams such as Bank PO, IBPS LIC, UPSC and SSC GATE.

Published on June 11, 2021

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