· The start-up has set-up base in Navi Mumbai as it expands its operations further
· Grown y-o-y at 250% in the last three years
· Supports more than 40 lakh monthly active users and over five lakh paid subscribers
· The company added 56 lakh students to their platform last year, out of which 4 lakh students were from Maharashtra
· The start-up looks to add more than 150 state government recruitment exams in next one year
Mumbai, March 13, 2020: In a drive to connect digital India, a leading Edtech startup based in Kharghar- Testbook, an end-to-end learning and assessment platform for Government job exams, today announced its business growth plans here in Navi Mumbai. Looking at the growth trajectory of Testbook, the start-up has recorded a stupendous growth rate of 250% in the last three years. The company is on track to clock in a revenue of 30 cr in FY 2019-20 and further 105 cr by 2020-21.
Testbook is a one stop solution for the government job aspirants. The platform gives a 360° learning experience by providing Live online coaching with planned curriculum through top-notch faculty, along with Mock test practice & assessment and study material around Tips & Tricks. Subsequently, it also gives detailed analysis of a student’s performance helping in improving scores and increasing selection chances.
While the organization celebrates their remarkable growth over the years, the investors, Iron Pillar Fund and Matrix Partners, have also shown unwavering trust in their success story by investing Series B round of INR 60 crores very recently.
With a total of 1.1 crore registered users, Testbook has more than 40 Lakh monthly active users out of which 5 Lakh + are paid subscribers. The Company plans to grow 10x in the next two years and is hiring at an unprecedented rate across more than 15 roles.
Ashutosh Kumar, Co-Founder, Testbook speaking during the press meet said, “With the recent infusion of capital & current annual revenue rate of INR 30 crore, the company is poised to expand exponentially thereby increasing the number of intake of students to 1 crore in the upcoming year from the 56 lakh students last year. Interestingly, out of the total 56 lakhs, four lakh students were from Maharashtra. More than 8 crore aspirants appear for Govt. jobs every year competing for only 5 lakh vacancies i.e. less than 1% selection chance. The competition is as stiff as getting into an IIT, but Testbook is way above the national average at 7% selection rate.”
Furthermore, he added, “Testbook is headquartered in Navi Mumbai and it cannot leave behind the opportunities it provides for people residing in and around the vicinity. We have hired 63 employees from Maharashtra alone in the last two months of which 33 are from Navi Mumbai itself. Kharghar and Navi Mumbai are a pool of talent waiting to be explored.”
Choosing Navi Mumbai as the base for Testbook was an easy decision and Narendra Agarwal, Co-Founder, Testbook says, “Kharghar is located in close proximity to both Mumbai and Pune. With the international airport and metro as two major proposed projects, Kharghar is set to become the next business district on the lines of BKC Mumbai. The rentals are comparatively economical and suits best for a bootstrapped startup. Kharghar is a smart & clean city to live without the traffic snags of Mumbai & with an abundance of potential talent waiting to be explored in Navi Mumbai.”
Despite being the leaders in providing quality content, outcome driven and innovative product for over hundreds of govt. recruitment exams, Tetstbook’s solutions are very affordable, even for the students from Tier 2, 3 or 4 towns. They have a subscription-based platform for INR 599 per year for mock tests. The platform charges INR 500 to INR 5000 a year for online courses with about 100+ live courses available on the platform. Testbook’s remarkable innovations like video lecture and online tests streaming without internet are powerful features for smaller town students. These students can even make offline voucher based purchases.
Testbook has changed the way students prepare and learn for government examinations. Efforts are being made to add more than 150 state government recruitment exams in next one year; out of which 13 brand new exams have been added in February. It will also be launching multilingual learning content soon with teachers teaching in Marathi, Telugu, Bengali and Gujarati.
Testbook.com is a new-age start-up initiated by a group of IITians who believe that technology is the way forward to form a platform that can empower learning and preparation for government job entrance exams. The market has a massive gap in this field as over 80 Million applicants vie for a fraction of the number of total jobs available. The personalized learning and assessment platform has been instrumental in providing a full-stack portal to prepare for employment.
The Edtech start-up was started by Ashutosh Kumar, Manoj Munna, Praveen Agrawal, and Narendra Agrawal in January 2014. The Indian public-sector test preparation market is currently valued at USD 5 Billion and is the largest in the world. The team has the vision to bring the content online and offer students a sure shot outcome better than offline coaching. S. Chand publishers and Utsav Somani of AngelList had invested in the early years of incorporation. The venture has seen Series A funding from Matrix Partners in 2017 and Series B funding from Iron Pillar fund and Matrix partners in 2020.
Testbook.com has amassed a 30 crore Annual Run Rate this year. There are 4 Million Monthly Active Users. The number of solved questions available on the site is over 3.3 Billion. The team is 322 strong and Headquartered at Kharghar, Navi Mumbai, with regional offices in Delhi and Patna. Twenty crore questions are solved each month by students. A highly competent product team of 50 strong is the strength of the company. More than 30% of these innovators are from top tier colleges like IITs, IIMs and BITS.
The vision that the founders have is to bridge the enormous gap that is prevalent in the offline to online education space. “Our hypothesis is that just bringing content online would not solve the education problem but re-thinking the experience entirely would help students learn better than offline coaching,” Kumar stated in a recent interview. Testbook.com is slated to turn the education scape in India into a tech-driven and automated system where mentees can learn at their own pace with the help of mentors.