Tracxn - Test Preparation Startup Landscape

AUGUST 2019
TEST PREPARATION TECH

Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Test Preparation Tech - Aug 2019
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on August 12, 2019.
Test Preparation Tech Feed Summary
4
Test Preparation Tech > Feed Summary
Companies providing courses, educational resources, tutoring solutions, and learning platforms for competitive exam
preparation.
• Inclusions: All companies that provide instructor-led
or self-paced courses, tutoring, and educational
resources for exam preparation. Exam preparation can
be for college entrance or for government jobs. Also
includes companies offering management platforms
for test preparation providers.
• Exclusions: Excludes companies providing learning
through offline centers, face to face tutoring and other
offline mediums. Also, excludes continued education
platforms.
• Excludes funding information of Chinese companies Feed in Numbers
Overview
$1.5B
Funding
3
Mega
Companies
82829
FundedCovered on
Tracxn
1
Unicorns
6
Soonicorns
4
Minicorns
1
IPO’d Cos
29
Late Stage Cos
8
16
Acquisitions
160
DeadPooled
1
Acquihired
Series A+ Cos
Toppr
(2013, Mumbai, $55.2M)
Unacademy
(2015, Bangalore, $89.7M)
Byju's Classes
(2011, Bangalore, $929M)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Test Preparation Tech
5
$400M - Series G
Byju's Classes (2011, Bangalore, $929M)
$35.4M - Series G
$150M - Series G
$35M - Series C
Toppr (2013, Mumbai, $55.2M)
$100M - Series F
$21M - Series C
Unacademy (2015, Bangalore, $89.7M)
$50M - Series C
Varsity Tutors (2007, St. Louis, $107M)
$17M - Series D
Descomplica (2011, Rio De Janeiro, $29.1M)
$50M - Series D
$11.8M - Series B
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Test Preparation Tech > Feed Summary > Investment Trend Summary
Seed Blume Ventures (#2), Atlas Venture (#1), ZhenFund (#1)
Series A/B Sequoia Capital (#2), SAIF Partners (#1), TCV (#1)
Series C+
CPP Investment Board (#1), Lightspeed Venture Partners (#1),
General Atlantic (#1)
Incubators 500 Startups (#4), Brand Capital (#4), Plug and Play Tech Center
(#1)
Other Notable
Investors
Times Internet (#2), Michael & Susan Dell Foundation (#2),
Singapore Angel Network (#2)
Debt Investors InnoVen Capital (#4), Advantage Capital (#1), Alteria Capital (#1)
Most Active InvestorsRecent Investments
85
147
126
73
52
19
2014 2015 2016 2017 2018 2019*
Y-o-Y # of Companies Founded 16 25 24 19 11 8
$1.3B
$240M
$29.1M
$4M
$3.3M
India
US
Latam
Europe
Australia
$ Funding
$238M
$44M
$117M
$162M $140M
$610M
$357M
12
2014 2015 2016 2017 2018 2019*
$ Funding # Rounds

Summary of exit outlook in Test Preparation Tech
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
East River Partners 1 Embibe (2012, Mumbai, $11.7M)
Spruce Investment
Advisors
1 Embibe (2012, Mumbai, $11.7M)
Toshvin 1 Embibe (2012, Mumbai, $11.7M)
Aarin Capital 1 Byju's Classes (2011, Bangalore, $929M)
Kalaari Capital 1 Embibe (2012, Mumbai, $11.7M)
Oct 2018 WiFiStudy Acq by Unacademy for $10M
May 2018 Prepworks Acq by Asteria Education
Apr 2018 Embibe Acq by Reliance Industries for $180M
Jun 2017 Plancess EduSolutions Acq by Career Point
Apr 2017 Gojimo Acq by Telegraph
Mar 2017 AppProva Acq by Education First
Apr 2015 EasyPrep Acq by Toppr
Test Preparation Tech > Feed Summary > Exit Outlook Summary
New Harbor
Capital
2 Blueprint LSAT (Apr 2018), Next Step Test Prep (Apr 2018)
LinkedIn 1 ScoreBeyond (Jan 2018)
Reliance
Industries
1 Embibe (Apr 2018, $180M)
Hobsons 1 Beat The GMAT
Kaplan 1 Grockit (Jul 2013)
Recent IPOs Top Acquisitions
Princeton Review Jun 2001
Online test preparation site standardized…
IPO MCap: $289M

Marketmap: Test Preparation Tech
LEARNING COMMUNITIES
ENTERPRISE SOLUTIONSDIGITAL LEARNING
UNDERGRADUATE
POSTGRADUATE
GOVERNMENT SERVICES
DIVERSIFIED
CERTIFICATION EXAMS
Overview
Companies 829
Funded 82 Series A+ 29
Funding $1.5B Last 2 yrs $904M
Most Active Investors
Seed Blume Ventures (2)
Series A/B Sequoia Capital (2)
Series C+ CPP Investment Board (1)
Others Times Internet (2)
Incubators 500 Startups (4)
Top Cities
Bangalore 64 Cos $1B
St. Louis 1 Cos $107M
Feed in Numbers
Unicorns 1 Soonicorns 6
Minicorns 4 Editor Picks 41
Acquihired 1 Deadpooled 160
Top Companies
Exits
IPOs 1 Princeton Review
Acquisitions 16 Embibe, WiFiStudy
Top Acquirers New Harbor Capital,
LinkedIn
Test Preparation Tech > Feed Summary > BlueBox
7
FACTSHEET
Funding data excludes Debt, Grants & Post-IPO rounds.
Excludes all details for Chinese companies.

Key Sub Sectors in Test Preparation Tech Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Digital Learning > Diversified >
Self-Paced 115 $741M 10
Digital Learning > Diversified > Instructor-
Led >
Private Tutoring
33 $134M 7
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Digital Learning
Companies offering tech-based learning solutions for
preparation of standardized tests
789 80 $1.5B
Tutor Discovery
Online platforms that allow learners to find and/or
book tutors and classes for preparation...
5 0 -
Learning Communities
Online social platforms and communities that allow
test aspirants to connect with each...
4 0 -
Information Portals
Online portals that provide news, information, and
articles related to standardized tests...
5 0 -
Online Retailers
Online platforms selling study material and other
products related to preparation of...
5 1 -
Enterprise Solutions
Companies providing administrative and learning
management solutions for tutors and centers...
21 1 -
Test Preparation Tech > Feed Summary > Summary of Key Markets

List of Notable Companies in Test Preparation Tech
Notable Companies in the Sector
9
Note: *(Founded Year, Location, Total Funding)
Test Preparation Tech > Feed Summary > Notable Companies in the Sector
Acquired
Embibe
(2012, Mumbai, $11.7M)*
Unicorns
Byju's Classes

Tracxn - Test Preparation Startup Landscape

List of Notable Companies by Market in Test Preparation Tech
Notable Companies by Market (1/2)
11
Test Preparation Tech > Feed Summary > Notable Companies by Market
Digital Learning
Diversified
Online courses for competitive test preparation and
supplementary courses for K-12 students
Unicorn. Stage: Series G
Qatar Investment Authority, Owl Ventures, General
Atlantic and 17 Other Investors
Tutoring for test preparation
Soonicorn. Stage: Series C
Learn Capital, CZI, TCV and 3 Other Investors
Online learning platform offering crowd sourced
courses on multiple subjects
Soonicorn. Stage: Series D
Steadview Capital, Sequoia Capital, Nexus Venture
Partners and 36 Other Investors
Diversified
After-school learning app for K-5 to K-12 students
and test preparation
Alteria Capital, Brand Capital, Herb Madan and 18
Other Investors
Princeton Review (1981, New York City, $27M)
Online test preparation site standardized
examinations for higher studies
Editor's Pick. Stage: Acquired
Camden Partners, Bain Capital Ventures, Reservoir
Capital Group and 1 Other Investors
HLT (2012, Iowa City, $14.8M)
Mobile-based learning solution
Soonicorn. Stage: Series B
Next Level Ventures, Bruce Lehrman, Richard
Ferguson and 2 Other Investors
Diversified
Embibe (2012, Mumbai, $11.7M)
Online test preparation platform using data
analytics
Kalaari Capital, Lightbox Ventures, InnoVen Capital
and 10 Other Investors

List of Notable Companies by Market in Test Preparation Tech
Notable Companies by Market (2/2)
12
Test Preparation Tech > Feed Summary > Notable Companies by Market
Digital Learning
Undergraduate
Varsity (2011, Hyderabad, $61.6M)
Management Services for Institutes
NSR Partners
Online courses for K-12 students
Amadeus Capital, Social Capital, VALOR CAPITAL
GROUP and 6 Other Investors

List of Notable Companies in Test Preparation Tech in China
Notable Companies in the Sector in China
13
Test Preparation Tech > Feed Summary > Notable Companies in the Sector in China
Public
Huatu Capital
(2001, Beijing, $91.1M)

Recent News in Test Preparation Tech Sector
Recent News
14
Test Preparation Tech > Feed Summary > Recent News
Aug 2019 Unacademy valuation crosses $200 Mn in Series D round, Entrackr
Jul 2019
Byju Raveendran Enters Billionaires Club With BYJU’S $5.7 Bn
Valuation, Inc42
Jul 2019
Byju's Looks To Expand Footprint In Global English Speaking
Markets, Franchise India
Jul 2019 Byju's to replace Oppo on Team India jersey, Indiatimes
Jul 2019 Spearheading the Edutech Revolution in India, Punekar News
Jul 2019
Toppr Appoints Lowe Lintas as its Creative Brand Partner, AdAge
India
Jul 2019
Lowe Lintas bags creative mandate for online learning platform
Toppr, BestMediaInfo
Jul 2019 Byju's getting good traction for its Early Learn App, THE WEEK
Jul 2019 Extramarks Opens Educafe For Students In Kota, BTVI
Jul 2019
Varsity Tutors Expands Executive Team With Dual Appointments of
Chief Marketing Officer and Chief Technology Officer, PR Newswire
Jul 2019
Byju’s valuation soars by $2 billion since start of latest funding
round, livemint.com
Jul 2019 Unacademy to buy back 30% of employees’ vested ESOPs, Entrackr
Jul 2019
Deals Buzz: Brookfield may buy controlling stake in debt-ridden
Suzlon Energy, livemint.com
Jul 2019
Byju's raises $150 million from Qatar Investment Authority, Owl
Ventures, Business Today
Key Recent News Key Recent News
Jul 2019 UWorld Buys Roger CPA Review, FinSMEs
Jul 2019
TestMax, The Creator Of LSATMax And Pioneer Of LSAT Prep On
Mobile, Releases Stand Alone Prep Test App That Allows Students
To Simulate The New Digital LSAT, PR Newswire
Jul 2019
EdTech Firm Byju's Works Towards Strengthening The Brand In
Maharashtra, Franchise India
Jun 2019
Edtech startup Unacademy raises $50M funding led by Steadview
and Sequoia, Indiatimes
Jun 2019
Marcus Lemonis gives $10,000 to Wisconsin startup Fiveable,
BizTimes
Jun 2019
Cambridge University Press, Cambridge Assessment English and
Kaplan Test Prep Collaborate on New Livestreamed and Online
IELTS® Preparation, Business Wire India
Jun 2019
IAN backs Edtech Startup ConceptOwl with an Investment worth ₹
3.5 Crore, IndianWeb2
Jun 2019 SilverBullet releases version 1.1 upgrades & improvements, AM
Jun 2019
Qatar sovereign fund likely to invest $200-250 million in Byju's,
Business Standard
Jun 2019
Mary Meeker's 2019 report highlights surge in BYJU'S' student
growth, Business Standard
Jun 2019
CPPIB set to take delivery of Delhivery stake for $150 million,
Indiatimes
Jun 2019 Edtech startup BYJU's crosses 1.5 Million paid users, The Indian Wire

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
15
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

Some more Sector Reports you might want to check out
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Insurance IT
Jul 2019

Investments ($M) and number of rounds in Test Preparation Tech; 2012-2019
Global Funding Trends (1/2)
17
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Test Preparation Tech > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 24% # of Rounds40% $ Funding
0% # of Rounds
73% $ Funding
$238M
$80M
$39M $44M
$117M
$162M
$140M
$610M
$357M
0
5
10
15
20
25
30
$0k
$100M
$200M
$300M
$400M
$500M
$600M
$700M
2012 2013 2014 2015 2016 2017 2018 2019*
$ Funding Predicted $ Funding # Rounds Predicted # Rounds

$2M $2M $9M $5M $7M $658K $551K $2M
$57M
$36M
$36M
$105M
$14M
$53M
$3M
$20M $0K $0K $7M $140M $87M $606M $236M
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
8 6 9 13 16 5 3 4
2
5 7
11 4
11
3
1 1 4 3 5 4
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
11
8
Total # of Rounds
18
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded Club
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Test Preparation Tech; 2012-2019
Test Preparation Tech > Investment Trends > Global Funding Trends
16
8
8
9
3
1 2
47
$4.4M
$1.1M
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
$3.0M
$3.5M
$4.0M
$4.5M
$5.0M
0
5
10
15
20
25
30
35
40
45
50
2013 2014 2015 2016 2017 2018 2019 YTD Total
Entrants in Funding Club Avg. Ticket Size
$4.4M $1.8M $0.4M $0.3M $0.4M - $0.7M $1.1M
$80M
$238M
Total $ Invested
$235M$77M $75M
$125M
$70M
$606M
$353M
5
0
1
2
3
4
5
6
0
100000000
200000000
300000000
400000000
500000000
600000000
700000000
2012 2013 2014 2015 2016 2017 2018 2019 YTD
$ Funding Predicted $ Funding # of Rounds Predicted # Rounds
Mega Rounds
2 - - 2 2 2 5 3

Test Preparation Tech > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Test Preparation Tech
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Bangalore 1B 28
St. Louis 107M 3
Delhi NCR 103M 27
Mumbai 73.6M 18
New York City 71.7M 7
Hyderabad 63.1M 12
Rio De Janeiro 29.1M 4
Santa Monica 19M 2
Iowa City 14.8M 3
Boston 13.3M 8
Total Funding
86
39
6
3
2
2
4
# Rounds
$1.3B
$240M
$29.1M
$4M
$3.3M
$1M
$400k
India
US
Latam
Europe
Australia
Israel
Nigeria
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.6 $0.5
$1.2
$0.5 $0.6
$0.2 $0.2
2012 2013 2014 2015 2016 2017 2018
Test Preparation Tech > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Test Preparation Tech; 2012-2018
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$6.2K* $3.3M
$986K $15.9M
$574K $57.2M
$250K $400M
$35.2M
$6.9M
$3M
$336K
Series C+
Series B
Series A
Seed
Stage
$57.2
$3.8 $7.0
$22.3
$8.2 $0.6
$20.0 $7.0
$35.1 $29.0
$121.2
$12.4
$4.3 $2.3 $3.6 $2.8 $2.8

Note: 55 companies with undisclosed funding amount are not included
21
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
14
15
9
3
2
No. of Companies
Test Preparation Tech > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Test Preparation Tech; as of Aug 2019
Distribution of companies by Funding Range
$6M
$64M
$229M
$206M
$1.B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
10%
3%
1%
1%
22
Note: Numbers in the brackets show the count of companies
Time to raise
next round
8
12
29
82
829
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
10% 1%
(9)
0%
(3)
0%
(1)
19%
(160)
71%
(586)
35% 11%
(9)
4%
(3)
- 12%
(10)
52%
(43)
41% 31%
(9)
10%
(3)
- 7%
(2)
52%
(15)
67% 67%
(8)
17%
(2)
- 8%
(1)
25%
(3)
- 75%
(6)
25%
(2)
- - 25%
(2)
Test Preparation Tech > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Test Preparation Tech
Funding Funnel
18 Months
18 Months
15 Months
Investment backedBootstrapped
6
1
9
1
7
0
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Test Preparation Tech > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Test Preparation Tech; Aug 2017-Aug 2019
Notable Investments in last 24 months (1/2)
LATE STAGE
$400M - Series G Dec 2018
CPP Investment Board, Naspers, General Atlantic
$150M - Series G Jul 2019
Qatar Investment Authority, Owl Ventures
$100M - Series F Sep 2018
General Atlantic
LATE STAGE
$50M - Series D Jun 2019
Partners, Blume Ventures, Aakrit Vaish, Sujeet
Kumar
$50M - Series C Feb 2018
Learn Capital, CZI, TCV
$35.4M - Series G Mar 2019
General Atlantic, Tencent
LATE STAGE
$35M - Series C Dec 2018
Kaizen Private Equity, SAIF Partners, Helion
Venture Partners, Eight Roads Ventures, Alteria
Capital, Brand Capital, The Times Group, Ramakant
Sharma, Abhinav Daga
$21M - Series C Jul 2018
Sequoia Capital, SAIF Partners, Nexus Venture
Partners, Blume Ventures
$17M - Series D Dec 2017
$718k - Series C Feb 2019
Alteria Capital, Brand Capital, Herb Madan

Test Preparation Tech > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Test Preparation Tech; Aug 2017-Aug 2019
Notable Investments in last 24 months (2/2)
EARLY STAGE
$11.8M - Series B Sep 2017
Partners, Blume Ventures, WaterBridge Ventures
$8.3M - Series B Oct 2017
Next Level Ventures
$6.9M - Series B Oct 2017
SAIF Partners, Helion Venture Partners, Eight Roads
Ventures, Axis Capital Partners, Lubna Ahmed, Herb
Madan
$5.9M - Series B Nov 2017
MeritNation (2008, Delhi, $24M)
Online Tutoring and learning resource platform
Info Edge
EARLY STAGE
$2.8M - Series A Sep 2018
GradeUp (2013, Noida, $6.9M)
Online mentor community and test series for
government jobs
TLabs
$1.5M - Series A Nov 2017
government jobs
TLabs
$574k - Series B May 2018
Partners, Blume Ventures
SEED STAGE
$303k - Angel Mar 2019
Kalyan Krishnamurthy

Most Active Investors (VC, PE) by Stage in Test Preparation Tech; Last 5 years (Aug 2014-Aug 2019)
Most Active VC & PE Investors
25
Test Preparation Tech > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Blume Ventures(2 Investments)
Unacademy, Mockbank
1
Atlas Venture
Ready4
2
ZhenFund
Ready4
3
Tandem Capital
OnlineTyari
4
CRE Venture Capital
PrepClass
5
TracxnLabs
Unacademy
6
3one4 Capital
OnlineTyari
7
Gray Matters Capital
MadGuy Labs
8
Yongjin Group
Ready4
9
WaterBridge Ventures
Unacademy
10
EARLY STAGE
Sequoia Capital(2 Investments)
Byju's Classes, Unacademy
1
SAIF Partners
Unacademy
2
TCV
Varsity Tutors
3
Khosla Ventures
ScoreBeyond
4
Eight Roads Ventures
Toppr
5
AirTree Ventures
Edrolo
6
Accomplice
Ready4
7
Chiratae Ventures
SuperProfs
8
Matrix Partners India
Testbook
9
Square Peg Capital
Ready4
10
LATE STAGE
CPP Investment Board
Byju's Classes
1
Lightspeed Venture Partners
Byju's Classes
2
General Atlantic
Byju's Classes
3
Naspers
Byju's Classes
4
Amadeus Capital
Descomplica
5
Sofina
Byju's Classes
6
Verlinvest
Byju's Classes
7
Learn Capital
Varsity Tutors
8
Owl Ventures
Byju's Classes
9
Kaizen Private Equity
Toppr
10

Test Preparation Tech > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Test Preparation Tech; Last 5 years (Aug 2014-Aug 2019)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
500 Startups(4 Investments)
OnlineTyari, Apptuto for CFA Exam, Magoosh
1
Brand Capital(4 Investments)
Byju's Classes, Toppr, NeoStencil
2
Plug and Play Tech Center
Pluto Prep
3
VILLGRO
MadGuy Labs
4
AdvantEdge
OnlineTyari
5
TIDES Incubation Centre
MadGuy Labs
6
Liquid Ventures
MasteryPrep
7
OTHER NOTABLE INVESTORS
Times Internet(2 Investments)
Byju's Classes, GradeUp
1
Michael & Susan Dell Foundation(2
Investments)
OnlineTyari, Oliveboard
2
Singapore Angel Network(2 Investments)
Testbook, HashLearn
3
CZI(2 Investments)
Byju's Classes, Varsity Tutors
4
440.NG(2 Investments)
PrepClass, Pass.Ng
5
S.Chand and Company(2 Investments)
OnlineTyari, Testbook
6
IFC
Byju's Classes
7
Tencent
Byju's Classes
8
Qatar Investment Authority
Byju's Classes
9
The Times Group
Toppr
10
DEBT INVESTORS
InnoVen Capital(4 Investments)
Byju's Classes, Toppr, Embibe
1
Advantage Capital
MasteryPrep
2
Alteria Capital
Toppr
3

Test Preparation Tech > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/2)

Test Preparation Tech > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (2/2)

Test Preparation Tech > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
30
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Early Stage Investors
Market Deep Dive

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Pre-K EdTech
Jul 2019
Corporate Learning
Jul 2019
Continued Learning
Jul 2019

Marketmap: Test Preparation Tech
32
Test Preparation Tech > Market Details > BlueBox

Key Sub Sectors
33
Key Sub Sectors in Test Preparation Tech
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Digital Learning
Companies offering tech-based learning solutions for preparation of standardized tests
789 80 $1.5B
Tutor Discovery
Online platforms that allow learners to find and/or book tutors and classes for preparation of
standardized tests
Care Tutors (2012, Dhaka)
Coaching Centre Info (2017, Hyderabad)
5 0 -
Learning Communities
Online social platforms and communities that allow test aspirants to connect with each other
for discussion or other collaborative learning activity
Beat The GMAT (2005, Cincinnati,
Acquired)
GMAT Club (2002, Redmond)
4 0 -
Information Portals
Online portals that provide news, information, and articles related to standardized tests and
exams
Exambin (2011, Chennai)
ExamGyani (2018, Noida)
5 0 -
Online Retailers
Online platforms selling study material and other products related to preparation of
standardized tests
BuyTestSeries (2014, Pune)
Coursekart (2012, Ahmedabad)
5 1 -
Enterprise Solutions
Companies providing administrative and learning management solutions for tutors and
centers offering test preparation services
Akshara (2017)
Attemptexams (2014, Lagos)
21 1 -
Test Preparation Tech > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/6)
34
Test Preparation Tech > Market Details > Detailed Sector Taxonomy

35

36

37

38

39

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(-)
Digital Learning > Diversified > Self-Paced
Companies offering self-paced courses and educational resources for preparation of various types of
standardized tests
(Companies covered 115 | Funded 17 | Total Funding $1.1B)
$741M
(+$526M)
10
(-5)
Byju's Classes
2
(+1)
Digital Learning > Diversified > Instructor-Led > Private Tutoring
Online platforms that offer instructor-led private tutoring for preparation of various types of
standardized tests
(Companies covered 33 | Funded 7 | Total Funding $197M)
$134M
(+$77.9M)
7
(+2)
Unacademy
3
(+3)
Digital Learning > Undergraduate > General Admission Tests > Self-Paced
Companies offering self-paced courses and resources for preparation of field-agnostic general
admissions tests such as SAT and ACT
(Companies covered 34 | Funded 11 | Total Funding $37.1M)
$17.8M
(+$14.2M)
3
(+2)
Descomplica
(2011, Rio De Janeiro, $29.1M)
4
(-2)
Digital Learning > Government Services > Self-Paced
Companies offering self-paced courses and resources for preparation of entrance exams to government
services and jobs
$251k
(-$12.7M)
2
(-7)
MadGuy Labs
(2014, Hyderabad, $288k)
5
(-)
Digital Learning > Diversified > Instructor-Led
Companies offering online instructor-led classes for preparation of various types of standardized tests
(Companies covered 25 | Funded 6 | Total Funding $108M)
$5.9M
(+$475k)
1
(-1)
MeritNation
(2008, Delhi, $24M)
6
(-2)
Digital Learning > Diversified > Self-Paced > Mock Tests
Companies offering mock tests and question banks for preparation of various types of standardized
tests
$3M
(-$1.6M)
1
(-3)
Embibe
(2012, Mumbai, Acquired)
7
(+5)
Digital Learning > Undergraduate > Engineering > Self-Paced > Mock Tests
Companies offering mock tests and question banks for preparation of tests conducted for admission
into undergraduate engineering degree programs
(Companies covered 25 | Funded 1 | Total Funding $502k)
$502k
(+$502k)
1
(+1)
Concept Owl
(2015, Bangalore, $502k)
40
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets by Funding in Test Preparation Tech in last 2 years (August 2017 - July 2019)
Test Preparation Tech > Market Details > Top Markets of Investment Activity

Rank Market # Investments Key Investments
1
Digital Learning > Diversified > Instructor-Led > Private Tutoring
Online platforms that offer instructor-led private tutoring for preparation of various types of standardized
tests
(Companies created 33 | Funded 7 | Total Funding $197M )
1 Unacademy (2015, Bangalore, $89.7M)
Note: Investors considered - Sequoia Capital, Accel Partners, Andreessen Horowitz, NEA, Greylock Partners, General Catalyst Partners, Benchmark Capital, KPCB, Khosla Ventures, Redpoint Ventures, Founders Fund, SV Angel, Index Ventures, Bessemer
Venture Partners, Lightspeed Venture Partners, Venrock, Draper Fisher Jurvetson, Institutional Venture Partners, Intel Capital, Battery Ventures
41
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (August 2017 - July 2019)
Test Preparation Tech > Market Details > Top Markets of Early Stage Investors

Incubators Brand Capital (#2), TLabs (#1)
Seed DFJ (#1), Bee Partners (#1)
Series A/B Sequoia Capital (#1), SAIF Partners (#1)
Series C+ Tencent (#1), IFC (#1)
None
$150M - Series G
Byju's Classes (2011, Bangalore,
$929M)
$35.4M - Series G
$929M)
$718k - Series C
$35M - Series C
$400M - Series G
$929M)
$100M - Series F
$929M)
$2.8M - Series A
$1.5M - Series A
$6.9M - Series B
$8.3M - Series B
Jul 2019
Byju Raveendran Enters Billionaires Club With BYJU’S $5.7
Bn Valuation, Inc42
Jul 2019
Jul 2019
Toppr Appoints Lowe Lintas as its Creative Brand Partner,
AdAge India
Jul 2019
Lowe Lintas bags creative mandate for online learning
platform Toppr, BestMediaInfo
Jul 2019
Byju's getting good traction for its Early Learn App, THE
WEEK
Jul 2019
Byju's raises $150 million from Qatar Investment Authority,
Owl Ventures, Business Today
Jun 2019
Qatar sovereign fund likely to invest $200-250 million in
Byju's, Business Standard
Jun 2019
Edtech startup BYJU's crosses 1.5 Million paid users, The
Indian Wire
Apr 2019
EdTech Exam Readiness Startup Gradeup Looking To
Onboard 5 Lakh Transacting Users, Express Computer
Apr 2019
Gradeup: A platform that boosts exam readiness, Financial
Express
Apr 2019
Edtech startup Gradeup’s clientele comprises 1pc of India’s
population. Here’s how they did it, YourStory Media
News
-
2
6
17
115
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Digital Learning > Diversified > Self-Paced: Market Factsheet
42
Exits
Recent InvestmentsCompanies offering self-paced
courses and educational resources
for preparation of various types of
standardized tests
Byju's Classes
Toppr
(2013, Mumbai, $55.2M)
Oliveboard
(2012, Bangalore, $396k)
GradeUp
(2013, Noida, $6.9M)
HLT
(2012, Iowa City, $14.8M)
Top Companies
#1 Top Markets of Investment Activity
Test Preparation Tech > Market Details > Market: Self-Paced
Companies Created 115 | Funded 17 | Total Funding $1.1B
0
5
10
15
$0k
$200M
$400M
$600M
2015 2016 2017 2018 2019
Predicted Funding YoY Funding
Rounds Predicted Rounds
YoY Funding and Rounds
Market: Self-Paced

Digital Learning > Diversified > Self-Paced: Top Companies
Market: Self-Paced
Analyst’s Pick
Other Investors
government jobs
Minicorn. Stage: Series A
TLabs, Swapnil Shrivastav, Times Internet
Analyst’s Pick
Magoosh (2008, Berkeley, $500k)
Online test preparation site for
GRE,SAT,TOEFL,SAT,ACT
Editor's Pick. Stage: Seed
Bee Partners, 500 Startups, Kapor Capital
Oliveboard (2012, Bangalore, $396k)
Personalized learning for Entrance Exams
Dileep Srinivasan, Himanshu Chaudhari, Mahesh
Natarajan and 3 Other Investors
Concursos de Bolso (2015, Recife)
Online learning resource provider for copetitive
exams
Editor's Pick. Stage: Unfunded
EduGorilla (2016, Gurgaon)
Q&A-based education community
OzTern Technology (2009,
Thiruvananthapuram)
Online educational resources for entrance exams
Editor's Pick. Stage: Funded
JioGenNext, Brand Capital

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
44
Digital Learning > Diversified > Self-Paced: Leaderboard
Better than Market Average
Market: Self-Paced
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0
Byju's
Classes
2011 Bangalore Series G $929M 12 2 5 4 4 1.5k 33.3M 1107.6k 96
147.6
k
15% - -
4.9 Extramarks 2007 Noida Series A $43.4M 3 - 4 - - 3.5k 9.8M 78.2k 4 11.8k 18% 225 7%
4.8 GradeUp 2013 Noida Series A $6.9M 5 4 5 - - 3.3k 10.5M 712.6k 5
174.6
k
32% 941 41%
4.3 Oliveboard 2012 Bangalore Seed $396k 2 2 5 - - 2.3k 3.4M 35.7k 6 11.5k 47% 332 17%
4.1 Toppr 2013 Mumbai Series C $55.2M 10 5 4 - - - 7.9M 113.1k 29 15.2k 15% - -
3.8 Magoosh 2008 Berkeley Seed $500k 1 4 4 - - 3.6k 14.9M 113.5k 1 4.8k 4% 176 5%
3.5 UWorld 2000 Irving Unfunded - - - 4 3 4 2.1k 915k 2.5k 4 481 24% 402 25%
3.4 HLT 2012 Iowa City Series B $14.8M 5 - 5 4 3 - 2.2M 10.1k 1 326 3% - -
3.1 Jagaran Josh 2010 Delhi Unfunded - - - 4 - - 14.6k 14.7M 193.3k - 12.7k 7% 1.1k 8%
2.7 BoostUp 2017 Bangkok Unfunded - - - 3 4 4 2k 30k 57 - 15 36% 957 99%
2.7 Learnpedia 2011 Hyderabad Seed - 4 4 4 - - 67 18k 375 1 23 7% - -
2.7
MBD
Alchemie
2011 Delhi Unfunded - - - 3 - - 288 747k 5.1k - 337 7% 107 59%
2.5 EduGorilla 2016 Gurgaon Seed - 1 3 4 - - 4.3k 3k 70 2 - - -75 -2%
2.5 Corsalite 2014 Hyderabad Seed $574k 3 3 - - - 29 - - - - - 1 4%
2.3 TestFunda 2008 Mumbai Unfunded - - 5 4 - - 2.3k 300k 1.9k - 13 1% -24 -1%

Incubators
Seed Blume Ventures (#1), TracxnLabs (#1)
Series A/B Sequoia Capital (#1), SAIF Partners (#1)
Series C+ CZI (#1), Learn Capital (#1)
Next Step Test Prep Apr - 2018
Acq by New Harbor Capital
$50M - Series D
$303k - Angel
$300k - Seed
PrepClass (2013, Lagos, $400k)
$21M - Series C
$574k - Series B
$50M - Series C
Varsity Tutors (2007, St. Louis,
$107M)
$11.8M - Series B
$4.5M - Series A
$1M - Seed
$584k - Seed
$50M - Series B
Varsity Tutors (2007, St. Louis,
$107M)
Aug 2019
Unacademy valuation crosses $200 Mn in Series D round,
Entrackr
Jul 2019
Varsity Tutors Expands Executive Team With Dual
Appointments of Chief Marketing Officer and Chief
Technology Officer, PR Newswire
Jun 2019
Edtech startup Unacademy raises $50M funding led by
Steadview and Sequoia, Indiatimes
Jan 2019
Culture Machine collaborates with Unacademy for digital
film, Adgully
Dec 2018
Themis, GameChanger act on $21m Series C for Unacademy,
from Sequoia, SAIF, others, Legally India
Dec 2018
Club Z! Tutoring of Greenwood, IN Opens for Business:
Offering Free Tutoring and Test Prep to Local Families Now
through January 7, 2018, PRWeb
Nov 2018
Global Test Preparation Market Overview 2018-2025:
ArborBridge, Pearson Education, Club Z, The Princeton
Review, TruthWeek
Jun 2018
Edtech Startup Unacademy May Soon Raise $30 Mn Funding,
Inc42
May 2018
Varsity Tutors pursues international expansion after raising
$50 million, The Business Journals
May 2018
Educational Tech Startup Raises INR 3.84 Crore From
Sequoia Capital, Pixr8
Apr 2018
New Harbor buys Blueprint Test Prep, Next Step Test Prep,
PE Hub
Sep 2017
Varsity Tutors acquires First Tutors in the UK to start
expanding internationally – TechCrunch, TechCrunch
News
2
3
3
7
33
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Digital Learning > Diversified > Instructor-Led > Private Tutoring: Market Factsheet
45
Exits
Recent InvestmentsOnline platforms that offer
instructor-led private tutoring for
preparation of various types of
standardized tests
Unacademy
Varsity Tutors
(2007, St. Louis, $107M)
PrepClass
(2013, Lagos, $400k)
AGF Tutoring
(2016, Singapore)
Applerouth
(2001, Atlanta)
Top Companies
Test Preparation Tech > Market Details > Market: Private Tutoring
Companies Created 33 | Funded 7 | Total Funding $197M
0
2
4
6
$0k
$50M
$100M
2015 2016 2017 2018 2019
Market: Private Tutoring

Digital Learning > Diversified > Instructor-Led > Private Tutoring: Top Companies
Analyst’s Pick

47
Digital Learning > Diversified > Instructor-Led > Private Tutoring: Leaderboard
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 Unacademy 2015 Bangalore Series D $89.7M 8 5 5 - - 59.4k 7.8M 231.3k 21 56.1k 32% - -
4.3
Varsity
Tutors
2007 St. Louis Series C $107M 3 - 5 - 4 5.1k 1.2M 4k 7 534 15% -16 -
3.1 PrepClass 2013 Lagos Seed $400k 5 2 4 - - 877 30k 114 3 4 4% 108 14%
2.1 Oheyo 2017 Mumbai Funded - - - 4 - 3 821 300k 5k - -52 -1% 46 6%
1.7 PowerScore 1997 Charleston Unfunded - - - - - - 5k - - - - - 450 10%
1.6 Applerouth 2001 Atlanta Unfunded - - 4 - - - 861 - - - - - 29 3%
1.5
Next Step
Test Prep
2009 Chicago Acquired - - 4 - - - 457 - - 1 - - -17 -4%
1.4 FabMarks 2016 Dallas Unfunded - - - 5 - 3 47 300 3 - - - 4 9%
1.4
Club Z
Tutoring
1995 Tampa Acquired - - - - - 3 370 - - 2 - - -1 -
1.3
AGF
Tutoring
2016 Singapore Unfunded - - - - - 4 25 - - - - - 3 14%
1.3 Mystudycart 2014 Delhi Unfunded - - - - - - 134 - - - - - 20 18%
1.2
Tutor the
people
2013
New York
City
Unfunded - - 4 - - - 1.8k - - - - - 2 -
1.2
McElroy
Tutoring
2015 San Diego Unfunded - - 4 - - - 42 - - - - - 2 5%
0.9 Tutopiya 2018 Singapore Funded - - 4 - - 3 - - - - - - - -

Incubators Liquid Ventures (#1), Seed Sumo (#1)
Seed Social Capital (#1), Valar Ventures (#1)
Series A/B Advantage Capital (#1), AirTree Ventures (#1)
Series C+ Amadeus Capital (#1)
None
$850k - Seed
Marco Learning (2018, Wrightstown,
$850k)
Series A
Estuda (1997, Cuiaba)
$17M - Series D
Descomplica (2011, Rio De Janeiro,
$29.1M)
$3.6M - Series A
MasteryPrep (2013, Baton Rouge,
$3.6M)
$7M - Series C
$29.1M)
$2M - Series A
Edrolo (2011, Melbourne, $3.3M)
Seed
MasteryPrep (2013, Baton Rouge,
$3.6M)
Seed
Prepify (2013, Austin)
$5M - Series B
$29.1M)
Jun 2019
Marcus Lemonis gives $10,000 to Wisconsin startup
Fiveable, BizTimes
Nov 2018
TIM Brasil offers mobile courses with Descomplica platform,
Telecompaper
Nov 2018
MasteryPrep partners with Appalachian State University
(GEAR UP), PR Newswire
Dec 2015
MasteryPrep closes on $3.6 million in debt, equity financing
to fuel expansion, Business Report
Jun 2015
Amadeus Capital Partners leads $7m Series C round of online
Brazil biz | AltAssets Private Equity News, AltAssets
May 2015
Australia's Edrolo Raises Fresh $2M Round | EdSurge News,
EdSurge
Dec 2012
Descomplica raises undisclosed sum from Peter Thiel &
more to prep Brazil's students for college |, EdTech Times
Dec 2012
Descomplica Nabs ~$2M From Peter Thiel, Social+Capital,
500 Startups & More To Help Brazil Prep For College –
TechCrunch, TechCrunch
Dec 2012
Brazilian E-Learning Startup Descomplica Raises New
Round, The Next Web
News
-
1
4
11
34
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Digital Learning > Undergraduate > General Admission Tests > Self-Paced: Market Factsheet
48
Exits
Recent InvestmentsCompanies offering self-paced
courses and resources for
preparation of field-agnostic
general admissions tests such as
SAT and ACT
Descomplica
(2011, Rio De Janeiro, $29.1M)
Estuda Vest
(2004, Cuiaba)
Jambite
(2014, Calabar)
MasteryPrep
(2013, Baton Rouge, $3.6M)
Edrolo
(2011, Melbourne, $3.3M)
Top Companies
Companies Created 34 | Funded 11 | Total Funding $37.1M
0
2
4
6
$0k
$10M
$20M
2015 2016 2017 2018 2019
Market: Self-Paced

Digital Learning > Undergraduate > General Admission Tests > Self-Paced: Top Companies
Market: Self-Paced
Analyst’s Pick
Estuda Vest (2004, Cuiaba)
Online educational resources for high school
students in Brazil
Jambite (2014, Calabar)
Online resources to prepare for JAMB and WAEC
exams

50
Digital Learning > Undergraduate > General Admission Tests > Self-Paced: Leaderboard
Market: Self-Paced
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 Descomplica 2011
Rio De
Janeiro
Series D $29.1M 4 2 5 - - 237.8k 3M 26.4k 5 2.9k 12% 968 -
4.1 MasteryPrep 2013
Baton
Rouge
Series A $3.6M 3 5 - - - 597 - - 4 - - 18 3%
3.8 Estuda 1997 Cuiaba Series A - 1 - 4 4 3 708 300k 3.1k - 166 6% 32 5%
3.3 Fiveable 2018 Lehi Funded - 1 3 4 - 4 2k 3k 9 1 - - 816 71%
3.1 Tassomai 2008 Bath Unfunded - - 3 3 - - 1.5k 31k 161 - 77 92% 165 13%
2.7 GREedge 2008 Chennai Unfunded - - 4 5 - - 672 8k 231 - - - 9 1%
2.6 Jambite 2014 Calabar Unfunded - - 4 5 3 3 472 300k 3.5k - 824 31% -8 -2%
2.5 Edrolo 2011 Melbourne Series A $3.3M 2 4 - - - 5 - - 1 - - - -
2.2 Prepify 2013 Austin Seed - 1 4 - - - 1.1k 30 - - - - -10 -1%
2.2 ePrep 2005 Princeton Seed $250k 1 4 - - - 130 - - - - - -1 -1%
2.1 Imaginie 2014
Belo
Horizonte
Funded - - - - - 3 1.5k - - - - - 25 2%
2.1 Cuestionarix 2014 Quito Unfunded - - - - - 5 861 - - - - - 8 1%
2.0
Marco
Learning
2018
Wrightstow
n
Seed $850k 1 - - - 3 177 - - - - - - -
2.0 Kavra 2018 Besiktas Unfunded - - 3 4 4 3 - 15k 54 - 11 26% - -
2.0
Brilliant
Brains
2012 Bangalore Unfunded - - - 4 4 3 - 965k 2.7k - 16 1% - -

Market: Self-Paced

Test Preparation Tech > Market Details > Market: Instructor-Led
Companies Created 25 | Funded 6 | Total Funding $108M
Market: Instructor-Led

Test Preparation Tech > Market Details > Market: Mock Tests
Market: Mock Tests

Market: Mock Tests

Companies Created 25 | Funded 1 | Total Funding $502k
Market: Mock Tests

Market: Mock Tests

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
62
Notable Acquisitions
Top Acquirers
Acqui-hires

Public companies
64
List of Public Companies in Test Preparation Tech
IPO Date Company
IPO
Mcap
Exchange
Ticker
Huatu Capital (2001, Beijing)
Tutoring platform having offline delivery centers
Test Preparation Tech > Exit Outlook > Public Companies

Notable Acquisitions
65
Notable Acquisitions in Test Preparation Tech
Test Preparation Tech > Exit Outlook > Notable Acquisitions
Acq. Date Company Acquirer Deal Size
Apr 2018
Embibe (2012, Mumbai)
Online test preparation platform using data analytics
Reliance Industries $180M
Jul 2014
Princeton Review (1981, New York City)
Online test preparation site standardized examinations for
higher studies
Tutor
Jul 2013
Grockit (2006, New York City)
Online test prep through social learning
Kaplan

Most Active Acquirers
66
Test Preparation Tech > Exit Outlook > Most Active Acquirers

Acqui-hires
67
List of Acqui-hires in Test Preparation Tech
Excludes all details for Chinese companies
Date Target
Sep-17 Test Cafe Acq by NeoStencil
Test Preparation Tech > Exit Outlook > Acqui-hires
View all 1 Acqui-hired companies on Tracxn Platform

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
68
Details on VC & PE Investors
Seed Stage
Early Stage
Late Stage
Details on Top Ecosystem Players

Test Preparation Tech > Investors > Index of Most Active VC & PE Investors
Index of Top Investors (VC, PE) by Stage in Test Preparation Tech; Last 5 years (Aug 2014 - Jul 2019)
Index of Most Active VC & PE Investors
SEED STAGE
Blume Ventures (2 Investments)
Atlas Venture
ZhenFund
Tandem Capital
CRE Venture Capital
TracxnLabs
3one4 Capital
Gray Matters Capital
Yongjin Group
EduLab Capital Partners
EARLY STAGE
Sequoia Capital (2 Investments)
SAIF Partners
TCV
Khosla Ventures
AirTree Ventures
Accomplice
Chiratae Ventures
Matrix Partners India
Square Peg Capital
Nexus Venture Partners
Kalaari Capital
Firestartr
London Co-Investment Fund
TracxnLabs
LATE STAGE
General Atlantic
Naspers
Amadeus Capital
Sofina
Verlinvest
Learn Capital
Owl Ventures

Blume Ventures
71
Portfolio in Test Preparation Tech | Exits | Funds Link | Website | LinkedIn | Twitter
Test Preparation Tech > Investors > Blume Ventures
People
Investments
[Soonicorn] Unacademy (2015, Bangalore, $89.7M, Series D)
Online learning platform offering crowd sourced courses on multiple
subjects
Test Preparation Tech Notable Portfolio
[Unicorn] Ola (2011, Bangalore, $3.3B, Series J)
App-based asset-light cab operator
[Unicorn] Zomato (2008, Gurgaon, $688M, Series I)
Online platform for food discovery, ordering, and table booking at
restaurants
[Soonicorn] GreyOrange (2011, Gurgaon, $180M, Series C)
Develops warehouse automation robots
[Soonicorn] Dunzo (2014, Bangalore, $30.3M, Series C)
Mobile-based concierge services provider
[Minicorn] Turtlemint (2015, Mumbai, $34M, Series B)
Aggregator of insurance products
[Minicorn] Locus (2015, Bangalore, $32.5M, Series B)
Delivery automation solutions for on-demand businesses
[Minicorn] Spinny (2015, Gurgaon, $30M, Series A)
Online dealer of pre-owned cars
[Minicorn] MilkBasket (2015, Gurgaon, $29.5M, Series B)
Subscription based daily need items delivery
[Minicorn] HealthifyMe (2012, Bangalore, $25.3M, Series B)
Online fitness tracker and meal planning platform
[Minicorn] NowFloats (2012, Hyderabad, $20.7M, Series B)
SaaS platform for online website creation
[Minicorn] Servify (2015, Mumbai, $19.4M, Series B)
Mobile app to book electronics repair services
Other Notable Portfolio
Top Exits
Recent News on Fund & Portfolio
Karthik Reddy
Co-Founder &
Managing Partner
Sanjay Nath
Co-Founder &
Managing Partner
Geographical Spread Stage of Entry
Aug 2019
Unacademy valuation crosses $200 Mn in Series D round,
Entrackr
Jul 2019
Unacademy to buy back 30% of employees’ vested ESOPs,
Entrackr
Jun 2019
Edtech startup Unacademy raises $50M funding led by
Steadview and Sequoia, Indiatimes
Jun 2019
Edtech firm Unacademy in talks for $55M funding led by
Steadview Capital, Indiatimes
Apr 2019
Edtech firms see money in live streaming classes,
Indiatimes
Jan 2019
Culture Machine collaborates with Unacademy for digital
film, Adgully
Dec 2018
Themis, GameChanger act on $21m Series C for
Unacademy, from Sequoia, SAIF, others, Legally India
Dec 2018
Unacademy records Rs 1.8 Cr in turnover; losses
ballooned to Rs 23.6 Cr in FY18, Entrackr
Oct 2018
Unacademy acquires test prep platform Wifistudy,
Indiatimes
Sep 2018
With 150% internal returns, WaterBridge exits
Unacademy, Indiatimes
None
1
2 2
11
1
2014 2015 2016 2017 2018 2019
Follow On New Investments
1
-
-
-
2
Undisclosed
Series C+
Series B
Series A
Seed3
-
-
-
-
India

Atlas Venture
72
Test Preparation Tech > Investors > Atlas Venture
People
Investments
[Unicorn] DraftKings (2012, Boston, $726M, Series E)
Fantasy sports gaming
[Unicorn] DataXu (2009, Boston, $64.1M, Series C)
Data Management and Demand Side Platform
[Soonicorn] DataRobot (2012, Boston, $425M, Series E)
Automated machine learning platform for data science applications
[Soonicorn] Hopper (2007, Montreal, $204M, Series D)
AI-enabled price prediction solutions for travel services
[Soonicorn] Bit9 (2002, Waltham, $189M, Series F)
Endpoint threat detection and protection solution
[Soonicorn] Patreon (2013, San Francisco, $167M, Series D)
Crowdfunding for musicians, artists & content creators.
[Soonicorn] Secret Escapes (2010, London, $153M, Series D)
Online member's club offering heavy discounts on luxury hotels
[Soonicorn] Magenta Therapeutics (2016, Cambridge,
$150M, Series C)
Stem cell-based therapies for autoimmune disease, genetics blood
disorders and cancer
[Soonicorn] Currency Cloud (2012, London, $107M, Series E)
Cross-border payment services provider
[Soonicorn] Threat Stack (2012, Boston, $72.3M, Series C)
Intrusion detection platform for cloud, hybrid-cloud, and on-premise
environments
[Soonicorn] Q4 (2006, Toronto, $65M, Series C)
Cloud-based investor relations and capital markets solutions provider
[Soonicorn] Influitive (2010, Toronto, $55.4M, Series B)
Advocate marketing software solutions provider
Top Exits
Michiel De Haan
Co-Founder
Feb 2019 TAL Education Group Acquires Ready4, PR Newswire
Mar 2017
Ready4 Names Former Education Executive Steve Isaac
to Board of Directors, Citybizlist
Mar 2017
Ready4 Partners with MIT, Harvard and More Than 30
Other Universities to Engage and Recruit Prospective
Students Worldwide, Business Wire
Dec 2016
Ready4 CEO Elad Shoushan to Speak at CES 2017,
Business Wire
Mar 2016
LTG Exam Platform Closes $5.325M Series A Venture
Capital Funding |FinSMEs, FinSMEs
Aug 2014
LTG Exam Prep Platform Raises $3M In Series A Round To
Develop SAT, More Test Apps – TechCrunch, TechCrunch
May 2008
Grockit Gets $8 Million More For Mysterious Learning
Game – TechCrunch, TechCrunch
Jul 2007
Grockit Raises Cash, Prepares "Massive Multiplayer
Online Learning" Product., TechCrunch
Grockit
(2006, New York City, $44.7M)
Acq by Kaplan - Jul 2013
Ready4
(2012, Boston, $9M)
Acq by TAL Education Group -
Feb 2019
1 11
2014 2015 2016 2017 2018 2019
-
1
-
-
1
Undisclosed
Series C+
Series B
Series A
Seed2
-
-
-
-
US

ZhenFund
73
Test Preparation Tech > Investors > ZhenFund
People
Investments
[Unicorn] Nuro.ai (2016, Menlo Park, $1B, Series C)
Self-driving delivery vehicle for local commerce
[Unicorn] Hero Entertainment (1993, Owings Mills, $228M,
Funded)
E-sports event management company
[Soonicorn] Hyperloop One (2014, Los Angeles, $578M, Series
D)
Hyperloop research
[Editor's Pick] Minerva Project (2012, San Francisco, $152M,
Series C)
Virtual university learning solutions provider for students
Top Exits
Xu Xiaoping
Founder
Wang Qiang
Co-Founder
Fang Aizhi
Partner & CEO
Feb 2019 TAL Education Group Acquires Ready4, PR Newswire
Mar 2017
Ready4 Names Former Education Executive Steve Isaac
to Board of Directors, Citybizlist
Mar 2017
Ready4 Partners with MIT, Harvard and More Than 30
Other Universities to Engage and Recruit Prospective
Students Worldwide, Business Wire
Dec 2016
Ready4 CEO Elad Shoushan to Speak at CES 2017,
Business Wire
Mar 2016
LTG Exam Platform Closes $5.325M Series A Venture
Capital Funding |FinSMEs, FinSMEs
Aug 2014
LTG Exam Prep Platform Raises $3M In Series A Round To
Develop SAT, More Test Apps – TechCrunch, TechCrunch
Ready4
(2012, Boston, $9M)
Acq by TAL Education Group -
Feb 2019
1
2014 2015 2016 2017 2018 2019
1
-
-
-
1
Undisclosed
Series C+
Series B
Series A
Seed1
1
-
-
-
China
US

Tandem Capital
74
Test Preparation Tech > Investors > Tandem Capital

TracxnLabs
75
Test Preparation Tech > Investors > TracxnLabs

3one4 Capital
76
Test Preparation Tech > Investors > 3one4 Capital

Yongjin Group
77
Test Preparation Tech > Investors > Yongjin Group

78
Test Preparation Tech > Investors > WaterBridge Ventures

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
79
Seed Stage
Early Stage
Late Stage

Sequoia Capital
80
Test Preparation Tech > Investors > Sequoia Capital

SAIF Partners
81
Test Preparation Tech > Investors > SAIF Partners

TCV
82
Test Preparation Tech > Investors > TCV

Khosla Ventures
83
Test Preparation Tech > Investors > Khosla Ventures

84
Test Preparation Tech > Investors > Eight Roads Ventures

Accomplice
85
Test Preparation Tech > Investors > Accomplice

Square Peg Capital
86
Test Preparation Tech > Investors > Square Peg Capital

Nexus Venture Partners
87
Test Preparation Tech > Investors > Nexus Venture Partners

Kalaari Capital
88
Test Preparation Tech > Investors > Kalaari Capital

Firestartr
89
Test Preparation Tech > Investors > Firestartr

London Co-Investment Fund
90
Test Preparation Tech > Investors > London Co-Investment Fund

TracxnLabs
91
Test Preparation Tech > Investors > TracxnLabs

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
92
Seed Stage
Early Stage
Late Stage

93
Test Preparation Tech > Investors > CPP Investment Board

94
Test Preparation Tech > Investors > Lightspeed Venture Partners

General Atlantic
95
Test Preparation Tech > Investors > General Atlantic

Naspers
96
Test Preparation Tech > Investors > Naspers

Sofina
97
Test Preparation Tech > Investors > Sofina

Verlinvest
98
Test Preparation Tech > Investors > Verlinvest

Learn Capital
99
Test Preparation Tech > Investors > Learn Capital

Owl Ventures
100
Test Preparation Tech > Investors > Owl Ventures

101
Test Preparation Tech > Investors > Kaizen Private Equity

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
102
Incubators
Other Notable Investors
Debt Investors

Test Preparation Tech > Investors > Index of Ecosystem Investors
Index of Top Ecosystem Investors in Test Preparation Tech; Q3 2014 - Q3 2019
Index of Ecosystem Investors
INCUBATOR
500 Startups (4 Investments)
Brand Capital (4 Investments)
Plug and Play Tech Center
VILLGRO
AdvantEdge
TIDES Incubation Centre
Liquid Ventures
OTHER NOTABLE INVESTORS
Times Internet (2 Investments)
Michael & Susan Dell Foundation (2
Investments)
Singapore Angel Network (2 Investments)
CZI (2 Investments)
440.NG (2 Investments)
S.Chand and Company (2 Investments)
IFC
Tencent
The Times Group
GSMA
Lightspeed India Partners
StartX
Indian Angel Network
Maple Leaf Angels
DEBT INVESTORS
InnoVen Capital (4 Investments)
Advantage Capital
Alteria Capital

500 Startups
104
Test Preparation Tech > Investors > 500 Startups
People
Investments
[Soonicorn] Descomplica (2011, Rio De Janeiro, $29.1M, Series
D)
[Editor's Pick] OnlineTyari (2014, Gurgaon, $5.8M, Series A)
Multi-lingual test preparation platform
[Editor's Pick] Apptuto for CFA Exam (2014, San Francisco,
$500k, Seed)
Gamified social learning app for CFA preparation
[Editor's Pick] Magoosh (2008, Berkeley, $500k, Seed)
Online test preparation site for GRE,SAT,TOEFL,SAT,ACT
[Unicorn] Credit Karma (2007, San Francisco, $370M, Series D)
Aggregator of various consumer financial products.
[Unicorn] Intercom (2011, San Francisco, $241M, Series D)
Customer communication and Retention Platform
[Unicorn] VTS (2011, New York City, $178M, Series D)
Leasing and asset management software for real estate investment
[Unicorn] Canva (2012, Sydney, $166M, Series C)
Online photo editing and graphics creation tool for professionals
[Unicorn] Gitlab (2014, San Francisco, $166M, Series D)
Code collaboration tool
[Unicorn] Talkdesk (2011, San Francisco, $128M, Series B)
Browser based call center
[Soonicorn] Smule (2008, San Francisco, $176M, Series F)
Developer of social music creation and sharing apps
[Soonicorn] Udemy (2010, San Francisco, $173M, Series D)
Marketplace for online courses
Top Exits
Christine Tsai
Co-Founder & CEO
Nov 2018
TIM Brasil offers mobile courses with Descomplica
platform, Telecompaper
Jul 2018
OnlineTyari Partners With ePayLater to Provide Credit
Services to Students, Core Sector Communique
Jul 2018
OnlineTyari Offers Unlimited Exam Content Access with
‘TyariPlus’ for Students, Start-Up Hyderabad
Apr 2018
OnlineTyari Launches Exam Prep Service Under Rs 1000
for Government Careers, BW Businessworld
Jul 2017
Leader in Online GRE Prep Magoosh Announces Launch of
Affordable IELTS Program , PRWeb
Jan 2017
Test prep startup Onlinetyari eyes SE Asia foray, $100m
sales in 2 years, Deal Street Asia
Dec 2016
OnlineTyari acquihires photo-sharing application Plix,
Indiatimes
Nov 2016
Michael & Susan Dell Foundation Invests $2.1 Mn In
Multilingual Test Preparation App OnlineTyari, Inc42
Sep 2015
India’s OnlineTyari Raises $750,000 To Help Job Seekers
Prepare For Exams – TechCrunch, TechCrunch
Jun 2015
Amadeus Capital Partners leads $7m Series C round of
online Brazil biz | AltAssets Private Equity News, AltAssets
None
1
2
2014 2015 2016 2017 2018 2019
2
-
-
-
3
Undisclosed
Series C+
Series B
Series A
Seed2
2
1
-
-
US
Latam
India

Brand Capital
105
Test Preparation Tech > Investors > Brand Capital
People
Investments
[Unicorn] Byju's Classes (2011, Bangalore, $929M, Series G)
Online courses for competitive test preparation and supplementary
courses for K-12 students
[Soonicorn] Toppr (2013, Mumbai, $55.2M, Series C)
After-school learning app for K-5 to K-12 students and test preparation
[Editor's Pick] NeoStencil (2014, Delhi, $1M, Series A)
Online test preparation platform for IAS and other government service
examinations
[Editor's Pick] OzTern Technology (2009,
Thiruvananthapuram, Funded)
[Unicorn] Snapdeal (2007, Delhi, $1.8B, Series H)
Online horizontal marketplace
[Unicorn] BigBasket (2011, Bangalore, $886M, Series F)
Online retailer of grocery products
[Unicorn] Quikr (2008, Bangalore, $370M, Series H)
Online classifieds portal for multi-category products
[Unicorn] ShopClues (2011, Gurgaon, $249M, Series E)
Ecommerce retail marketplace
[Soonicorn] Faasos (2011, Pune, $302M, Series D)
Owns and operates a chain of restaurants and cloud kitchen
[Soonicorn] REBEL Foods (2011, Mumbai, $244M, Series D)
Owns and operates various brands of internet first restaurants
[Soonicorn] MobiKwik (2009, Gurgaon, $167M, Series E)
Mobile wallet, recharge and bill payments app
[Soonicorn] MERU (2007, Mumbai, $145M, Series D)
App-based taxi booking platform
Top Exits
Sam
Subramaniam
CEO
Sivakumar
Sundaram
Founder & President
Jul 2019
Byju Raveendran Enters Billionaires Club With BYJU’S
$5.7 Bn Valuation, Inc42
Jul 2019
Byju's Looks To Expand Footprint In Global English
Speaking Markets, Franchise India
Jul 2019
Byju's getting good traction for its Early Learn App, THE
WEEK
Jul 2019
Byju’s valuation soars by $2 billion since start of latest
funding round, livemint.com
Jul 2019
Deals Buzz: Brookfield may buy controlling stake in debt-
ridden Suzlon Energy, livemint.com
Jul 2019
Byju's raises $150 million from Qatar Investment
Authority, Owl Ventures, Business Today
Jul 2019
EdTech Firm Byju's Works Towards Strengthening The
Brand In Maharashtra, Franchise India
Jun 2019
Qatar sovereign fund likely to invest $200-250 million in
Byju's, Business Standard
Jun 2019
Mary Meeker's 2019 report highlights surge in BYJU'S'
student growth, Business Standard
None
1
2
1
2014 2015 2016 2017 2018 2019
1
2
-
1
-
Undisclosed
Series C+
Series B
Series A
Seed4
-
-
-
-
India

AdvantEdge
106
Test Preparation Tech > Investors > AdvantEdge
Investments
[Editor's Pick] OnlineTyari (2014, Gurgaon, $5.8M, Series A)
[Soonicorn] Shuttl (2015, Gurgaon, $52.6M, Series B)
App-based bus-pooling solution for intracity commutes
[Minicorn] Rapido (2015, Bangalore, $27.9M, Series A)
Mobile bike taxi service
[Minicorn] IndiaLends (2014, Delhi, $16M, Series B)
Web-based personal loans marketplace
[Minicorn] Tripoto (2013, Delhi, $7.6M, Series B)
Trip planning community portal with itineraries
[Minicorn] Chalo (2014, Mumbai, $7.2M, Series B)
App-based solution for public transportation information
[Minicorn] ScoopWhoop (2013, Delhi, $6M, Series A)
Curated entertainment content specific to Indian stories
[Minicorn] Zocalo (2014, Delhi, $2.5M, Seed)
Web listings for renting apartments and PGs
[Minicorn] Catchthatbus (2011, Kuala Lumpur, $1.5M, Seed)
Online aggregator portal and android app for intercity buses in
Malaysia
[Editor's Pick] Smartivity Labs (2015, Delhi, $3.1M, Seed)
Educational toys and kits with augmented reality
[Editor's Pick] Wigzo (2013, Delhi, $2.5M, Seed)
Online contextual marketing platform
[Editor's Pick] GamingMonk (2014, Delhi, $676k, Seed)
e-sports gaming organization
Top Exits Recent News on Fund & Portfolio
Jul 2018
OnlineTyari Partners With ePayLater to Provide Credit
Services to Students, Core Sector Communique
Jul 2018
OnlineTyari Offers Unlimited Exam Content Access with
‘TyariPlus’ for Students, Start-Up Hyderabad
Apr 2018
OnlineTyari Launches Exam Prep Service Under Rs 1000
for Government Careers, BW Businessworld
Jan 2017
Test prep startup Onlinetyari eyes SE Asia foray, $100m
sales in 2 years, Deal Street Asia
Dec 2016
OnlineTyari acquihires photo-sharing application Plix,
Indiatimes
Nov 2016
Michael & Susan Dell Foundation Invests $2.1 Mn In
Multilingual Test Preparation App OnlineTyari, Inc42
Sep 2015
India’s OnlineTyari Raises $750,000 To Help Job Seekers
Prepare For Exams – TechCrunch, TechCrunch
None
11
2014 2015 2016 2017 2018 2019
-
-
-
-
1
Undisclosed
Series C+
Series B
Series A
Seed1
-
-
-
-
India

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
107
Incubators
Debt Investors

Times Internet
108
Test Preparation Tech > Investors > Times Internet

Michael & Susan Dell Foundation
109
Test Preparation Tech > Investors > Michael & Susan Dell Foundation

CZI
110
Test Preparation Tech > Investors > CZI

S.Chand and Company
111
Test Preparation Tech > Investors > S.Chand and Company

IFC
112
Test Preparation Tech > Investors > IFC

Tencent
113
Test Preparation Tech > Investors > Tencent

114
Test Preparation Tech > Investors > Qatar Investment Authority

The Times Group
115
Test Preparation Tech > Investors > The Times Group

Lightspeed India Partners
116
Test Preparation Tech > Investors > Lightspeed India Partners

StartX
117
Test Preparation Tech > Investors > StartX

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
118
Incubators
Debt Investors

InnoVen Capital
119
Test Preparation Tech > Investors > InnoVen Capital

Alteria Capital
120
Test Preparation Tech > Investors > Alteria Capital

Contents
Feed Summary
Investment Trend
Key Markets
Exit Outlook
Investors
News
Appendix
121
Recent News

Recent News (1/2)
123
Test Preparation Tech > News > Recent News
Aug 2019 Unacademy valuation crosses $200 Mn in Series D round, Entrackr
Jul 2019
Byju Raveendran Enters Billionaires Club With BYJU’S $5.7 Bn
Valuation, Inc42
Jul 2019
Jul 2019
Toppr Appoints Lowe Lintas as its Creative Brand Partner, AdAge
India
Jul 2019
Lowe Lintas bags creative mandate for online learning platform
Toppr, BestMediaInfo
Jul 2019 Byju's getting good traction for its Early Learn App, THE WEEK
Jul 2019
Varsity Tutors Expands Executive Team With Dual Appointments of
Chief Marketing Officer and Chief Technology Officer, PR Newswire
Jul 2019
Byju’s valuation soars by $2 billion since start of latest funding
round, livemint.com
Jul 2019 Unacademy to buy back 30% of employees’ vested ESOPs, Entrackr
Jul 2019
Deals Buzz: Brookfield may buy controlling stake in debt-ridden
Suzlon Energy, livemint.com
Jul 2019
Byju's raises $150 million from Qatar Investment Authority, Owl
Ventures, Business Today
Jul 2019
TestMax, The Creator Of LSATMax And Pioneer Of LSAT Prep On
Mobile, Releases Stand Alone Prep Test App That Allows Students
To Simulate The New Digital LSAT, PR Newswire
Jul 2019
EdTech Firm Byju's Works Towards Strengthening The Brand In
Maharashtra, Franchise India
Jun 2019
Edtech startup Unacademy raises $50M funding led by Steadview
and Sequoia, Indiatimes
Jun 2019
Marcus Lemonis gives $10,000 to Wisconsin startup Fiveable,
BizTimes
Jun 2019
Cambridge University Press, Cambridge Assessment English and
Kaplan Test Prep Collaborate on New Livestreamed and Online
IELTS® Preparation, Business Wire India
Jun 2019
IAN backs Edtech Startup ConceptOwl with an Investment worth ₹
3.5 Crore, IndianWeb2
Jun 2019 SilverBullet releases version 1.1 upgrades & improvements, AM
Jun 2019
Qatar sovereign fund likely to invest $200-250 million in Byju's,
Business Standard
Jun 2019
Mary Meeker's 2019 report highlights surge in BYJU'S' student
growth, Business Standard
Jun 2019
CPPIB set to take delivery of Delhivery stake for $150 million,
Indiatimes
Jun 2019 Edtech startup BYJU's crosses 1.5 Million paid users, The Indian Wire

Recent News (2/2)
124
Test Preparation Tech > News > Recent News
Jun 2019
Adda247 gears up to scale 100% growth, aims to cross INR 20
billion mark in monthly online traffic in FY 2019-20, CyberMedia
India Online
Jun 2019
Walt Disney, Byju's jointly roll out a new learning app for children,
Business Standard
Jun 2019
Edtech firm Unacademy in talks for $55M funding led by Steadview
Capital, Indiatimes
May 2019
BYJU’s reports ₹1430 crore revenues in FY19, claims to be
profitable, livemint.com
May 2019
Byju's and Disney may launch a new app targeting younger kids,
Indiatimes
May 2019
Klarius and PM Training encourage future engineers with factory
tour for teenagers, Tyrepress
May 2019
Adda247 Appoints Saurabh Goel as its Chief Digital Officer,
Dataquest
May 2019
Edtech startup Toppr aims to hit 20 million users by 2020-end,
Franchise India
May 2019
Test-prep platform Adda247 acquires Success Ease to bulk up
offerings, VCCircle
May 2019 Extramarks Unveils Personal Mentor Programme For Students, BTVI
Apr 2019
EdTech Exam Readiness Startup Gradeup Looking To Onboard 5
Lakh Transacting Users, Express Computer
Apr 2019 Gradeup: A platform that boosts exam readiness, Financial Express
Apr 2019 Edtech firms see money in live streaming classes, Indiatimes
Apr 2019
Byju's appoints Abhishek Maheshwari as president of international
business, Indiatimes
Apr 2019
Edtech startup Gradeup’s clientele comprises 1pc of India’s
population. Here’s how they did it, YourStory Media
Apr 2019 EduLab Capital Partners Announces Investment in examPAL, PRWeb
Apr 2019 Velociteach Announces New InSite Online Training, PRWeb
Apr 2019
Ed-tech company Adda247 appoints new Chief People Officer, People
Matters
Mar 2019 Edtech startups speak local language for better reach, Indiatimes
Mar 2019
Edtech firm Byju's valuation crosses $5-billion mark with new
funding, Business Standard
Mar 2019
Extramarks Disrupts the Coaching Segment, Sets New Paradigms of
Success, Business Wire India
Mar 2019
Edtech companies Byju's, Talentedge spread wings at home &
abroad, Indiatimes
Mar 2019
Ed-tech startup NeoStencil joins hands with Motion Education to
provide IIT-JEE, NEET exam coaching, Indiatimes
Mar 2019
CORRECTING and REPLACING U.S.-Based Online Learning Leader
Udemy Enters India, Business Wire
Mar 2019
China’s Koolearn Technology To Grab $232.6 Mln In Stock Market
Listing, investsize.com

Contents
Feed Summary
Investment Trend
Key Markets
Exit Outlook
Investors
News
Appendix
125
Explore more on Tracxn Platform
Index of Top companies by Market
Funded Deadpooled Companies

Explore more on Tracxn Platform
127
Companies
Companies Covered
Unicorns
Public Companies
Acquired Companies
Funded Companies
Investment Trends
Recent Investments
Mega Investments
Investment Trend
Markets
BlueBox
Taxonomy
News
Key News
Recent News
Company Stage
Seed Funded
Early Stage (Series A/B)
Late Stage (Series C+)
Acqui-hires
Deadpooled
Investors Acquirers
Unicorn Investors
Most Active VC &PE Investors
Portfolio of Top Investor
Most Active Acquirer
Test Preparation Tech > Appendix > Explore Sector on Tracxn Platform

Index of IPOs, Acquisitions, Unicorns, Soonicorns, Minicorns and Editor Picks in Test Preparation Tech
Index of Top companies by Market (1/5)
128
Test Preparation Tech > Appendix > Index of Top companies by Market
Digital Learning
Diversified
Diversified
Other Investors
Grockit (2006, New York City, $44.7M)
Online test prep through social learning
Stage: Acquired
Discovery Communications, Atlas Venture,
Benchmark and 5 Other Investors
Princeton Review (1981, New York City, $27M)
Online test preparation site standardized
examinations for higher studies
Camden Partners, Bain Capital Ventures, Reservoir
Capital Group and 1 Other Investors
Diversified
MeritNation (2008, Delhi, $24M)
Online Tutoring and learning resource platform
Minicorn. Stage: Series B
Info Edge, Vivek Khare
Embibe (2012, Mumbai, $11.7M)
Online test preparation platform using data
analytics
Kalaari Capital, Lightbox Ventures, InnoVen Capital

129
Digital Learning
Diversified
Ready4 (2012, Boston, $9M)
Mobile app for test preparation
Atlas Venture, Square Peg Capital, TAL Education
Group and 9 Other Investors
government jobs
TLabs, Swapnil Shrivastav, Times Internet
SuperProfs (2010, Bangalore, $3.6M)
Online competitive exams coaching marketplace
through video lectures
Kalaari Capital, Ajai Chowdhry, Ashvin Chadha and
41 Other Investors
Diversified
Magoosh (2008, Berkeley, $500k)
Online test preparation site for
GRE,SAT,TOEFL,SAT,ACT
Bee Partners, 500 Startups, Kapor Capital
Oliveboard (2012, Bangalore, $396k)
Personalized learning for Entrance Exams
Dileep Srinivasan, Himanshu Chaudhari, Mahesh
Natarajan and 3 Other Investors
Cracku (2014, Hyderabad)
Online preparation platform for MBA entrance and
public exams
Concursos de Bolso (2015, Recife)
Online learning resource provider for copetitive
exams
Diversified
EduGorilla (2016, Gurgaon)
Q&A-based education community
OzTern Technology (2009,
Thiruvananthapuram)
JioGenNext, Brand Capital
Pass.Ng (2014, Lagos)
Content for Nigerian test prep
440.NG

130
Digital Learning
Undergraduate
Varsity (2011, Hyderabad, $61.6M)
Management Services for Institutes
NSR Partners
Revolution Prep (2002, Santa Monica, $19M)
Test prep and tutoring platform
Editor's Pick. Stage: Series A
Kennet Partners, Jeffrey Cohen, Scott Kirkpatrick
Undergraduate
Gojimo (2009, London, $4M)
UK-based revision platform for students preparing
for exams
Firestartr, London Co-Investment Fund, JamJar
Investments and 8 Other Investors
Plancess EduSolutions (2011, Mumbai, $2M)
Test preparation for undergraduate entrance exam
Rajendra Vallabhaji Gogri, Chandrakant Gogri
Prep Expert (2010, Los Angeles, $250k)
Online courses for test preparation
Mark Cuban Companies
Undergraduate
AppProva (2012, Belo Horizonte)
Social game that helps students’ prepare for ENEM,
OAB, and ENADE
E Bricks Ventures
Estuda Vest (2004, Cuiaba)
Online educational resources for high school
students in Brazil
Jambite (2014, Calabar)
Online resources to prepare for JAMB and WAEC
exams

131
Digital Learning
Postgraduate
examPAL (2015, Tel Aviv, $1M)
GMAT prep provider
EduLab Capital Partners, North First Ventures
Government Services
OnlineTyari (2014, Gurgaon, $5.8M)
Michael & Susan Dell Foundation, 3one4 Capital,
TracxnLabs and 30 Other Investors
Testbook (2013, Mumbai, $4.7M)
Online material and practice tests for GATE, CAT
and other competitive exams
Matrix Partners India, Pankaj Gupta, Arpit Oswal
Adda247 (2012, Delhi, $2.6M)
Online test preparation platform for banking and
government service examinations
Minicorn. Stage: Seed
Sterlite Technologies
Government Services
NeoStencil (2014, Delhi, $1M)
Online test preparation platform for IAS and other
government service examinations
Brand Capital, 91springboard, Paragon Trus and 2
Other Investors
MadGuy Labs (2014, Hyderabad, $288k)
AI-based platform for government jobs preparation
Gray Matters Capital, VILLGRO, TIDES Incubation
Centre
Entri (2015, Kochi)
App-based resources for public exam preparation
GK4Success (2016, Kottayam)
Provider of online courses and tests for competitive
exams

132
Digital Learning
Certification Exams
Apptuto for CFA Exam (2014, San Francisco,
$500k)
Gamified social learning app for CFA preparation
500 Startups, Michael Staton, Fresco Capital
AdaptiBar (2003, Chicago)
Onilne resources for law students
GOLS CS (2000, Mumbai)
Online coaching classes
Language Proficiency Exams
IELTS Online (2005, Sydney)
Self-paced courses for IELTS test preparation
Pineapple Studio (Sydney)
Producer of learning Apps for various exams
High School Equivalency Exams
MundoEdu (2013, Santa Maria)
Online video-based courses for ENEM preparation

Funded Deadpooled Companies
133
Test Preparation Tech > Appendix > Funded Deadpooled Companies
Funding Company Location
$15M iProf Noida
$80k Examify Mumbai
The Unipedia Karachi
Pluto Prep Sunnyvale
Sha6er Education Jeddah
TestSoup Manchester
PrepMe Chicago
eStudy Corner Kharagpur
Altair Prep Atlanta
Freedu Jodhpur
Index of Deadpooled companies in Test Preparation Tech
1. Excludes all details for Chinese companies. 2. View all 160 Deadpooled companies on Tracxn Platform

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