Update: OnlineTyari now informs us that it has raised only $750,000 in funding, not the $5M it had initially informed us about.
Earlier: OnlineTyari, on online test preparation platform, has raised $5 million in funding from investors including 500 Startups, Mohandas Pai, Tandem Capital, Vikram Chachra and Aloke Bajpai, co-founder & CEO of Ixigo. The startup will use the funds for expansion and strengthening its technology.
OnlineTyari has a multilingual (Hindi and English) app and website which lets people prepare for civil services, banking, UPSC, GATE and state government job tests. Users can buy question banks, online tests, articles and e-books and collate notes for preparing for the exams. For this, it has tie ups with test prep companies and organisations like Chronicle IAS Academy, Jagran Josh, U Can, Arihant, Soni Classes and Mock Bank among others. It also has an ‘Ask and Answer’ section, which is like a forum where students can ask and answer questions, segregated by categories. Its store can be accessed here.
The company claims to have a daily active user base of over 200,000 in India, along with 2 million app downloads. It has plans to add more languages in the future. It also claims that that the platform has been optimised for use on low end smartphones. The Gurgaon based company was founded by Vipin Agarwal and Bhola Ram Meena last year.
Developments in the online education sector this year:
– In July, CultureAlley, a language learning platform, raised $6.15 million in a series A round of funding from Tiger Global Management and participation from 500 Startups and KAE Capital. The company had previously raised seed funding from individual investors including KAE Capital founder Sasha Mirchandani, Google’s Rajan Anandan and Sunil Kalra.
– In June, online professional certification courses provider Simplilearn acquired US-based digital marketing training company Market Motive for $10 million. Following the acquisition, Market Motive would continue to operate as an independent arm of Simplilearn.
– In the same month, e-learning marketplace EduKart raised $1 million from Holostik Group’s United Finsec (family office arm), YouWeCan and 500 Startups. Other than this, existing investors Vijay Sharma, Manish Kheterpal, Arihant Patni, Amit Patni and Stanford Business School’s alumni angels also participated in the round.
– E-learning site Meritnation raised funding worth Rs 25 crore from InfoEdge. The company planned to use the funds to ramp up the technology behind Meritnation LIVE, hiring teachers and expanding its broadcast studios.
– In May, Plancess, a startup that helps students prepare for the entrance exam for IIT (called IIT JEE), raised $2 million in funding from Aarti Group’s promoters Rajendra Gogri and Chandrakant Gogri. The funding was to be used towards product development and expansion, to foray into medical entrance test preparations following the funding. The company told Medianama that it was working on bringing a classroom experience to its products which will enable student-teacher interactions.
– In the same month, Mumbai-based online test preparation service Toppr raised $10 million in a round of funding led by Fidelity Growth Partners India, SAIF Partners and Helion Ventures. The platform planned to use the funding for expanding its product, investing in technology and including new content, in addition to catering to 5th to 12th standard students in the next 2 years.
– In April, Online professional certification courses provider Simplilearn raised $15 million funding led by Mayfield, with participation from Kalaari Capital and Helion Venture Partners. Simplilearn CEO Krishna Kumar said that the funds would be used to invest in the platform, expand course coverage, and further expand in the US and other primary markets.
– In March, Mumbai-based e-learning startup Embibe has acquired 100Marks, a student guidance platform in a cash plus stock deal. The company did not disclose the financial details of the deal.
(With inputs from Shivangi Singh)
Image Credit: Flickr user GotCredit