Edtech platform Toprankers raises $4 million in funding from Sixth Sense Ventures
- ByStartupStory | June 14, 2022
Toprankers, an edtech platform for careers other than engineering and medicine, announced a $4 million investment from consumer-focused venture capital firm Sixth Sense Ventures. Toprankers Edtech Solutions Pvt. Ltd will use the new funds to improve existing products and launch new ones.
According to Gaurav Goel, chief executive officer of Toprankers, a portion of the new funds will be used to expand its hybrid coaching centres, as well as to expand its marketing reach and technology platform. He also said that over 15 million students take Grade 12 every year, with roughly 10% of them taking engineering and medical. The remaining 90% are unsure about their career options and so the firm wants to assist this segment in making a clear career choice and offer them the right preparation courses for a brighter future, he concluded.
Toprankers, founded by Goel, Karan Mehta, and Harsh Gagrani, offers test prep to students interested in careers other than engineering and medicine, such as law, judiciary, management, design, fashion, and architecture. The startup also assists students with career exploration, job preparation, and international studies.
According to Nikhil Vora, founder and CEO of Sixth Sense Ventures, online test prep is a high growth opportunity driven by increased competitiveness and migration from offline to online/hybrid. Millennials and Generation Z are interested in careers other than engineering and medicine, he added.
CUET (Common Universities Entrance Test), presents a significant opportunity for the company. CUET has the potential to create a massive test-prep vertical. Toprankers can capitalise on this opportunity because they were among the first to launch an active product, said Nimisha Nagarsekar, investment partner at Sixth Sense Ventures. As part of the transaction, Nagarsekar will join the company’s board of directors.
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