Toppr raises Rs. 44 Crore via debt and preference capital.
Loss of Toppr for previous financial year doubled from its revenue to Rs 59.87 crore.
Toppr tutorial staff counts to 29,000 people and has six million downloads.
Science, education, retail business, health, e-commerce market and each and every segment is getting digital. Technology is grabbing each segment of life. Education one of the major discipline of life is also highly influenced by technology and its benefits. Now online education is getting common between folks especially in Tier I cities of India. Therefore several Etech startups have also emerged in society and since 2017 investors are also taking a high interest in feeding these innovative minded Etech market leaders.
Ankush Nijhawan, Co-Founder, TBO Group said about the acquisition that, TBO with this acquisition plans to explore its leisure travel product in the island in which Clickitbookit and Island Hooper have until now enjoyed a ‘Numero Uno’ position in these markets. This acquisition will make TBO a leader in these fast-growing island markets. It will bring pricing advantage and enormous opportunities along with a chance to provide quality service to B2B partners of TBO. This acquisition will also assist us in exploring opportunities in several other emerging island markets globally. Mainly the means to double our business in 2019-20 will be the enhance of connectivity of tier II cities to Maldives island. Sandeep Bhasin, who was a key model in building this business, will be now be joining the TBO group as Vice President after this new acquisition.
In the previous financial year revenue of Toppr multiplied to four times Rs 25.66 crore, the loss figure was more than double the revenue at Rs 59.87 crore. Therefore Toppr needs continuous funds to cover up these metrics as well as enhance market value via branding and enhancing traction on the platform. On seeing numerical data of Toppr since last December, Toppr had a tutorial staff of 29,000 people and six million downloads. Its monthly active users stood at one million.
Toppr is giving tough competition to Byjus, Udemy, UpGrad, Onlinetyari, Unacademy, Embibe, Meritnation and others. The market is excited to see the results in the performance of Toppr after deploying newly raised funds.
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