Edtech startup ToppersNotes witnessed a revenue of Rs 15.54 crore in FY23. With expenses amounting to Rs 15.76 crore, over 30% of it was spent on advertising and promotional costs. The same financial year, it recorded a loss of Rs 18.22 lakhs after a strong three years of seeing profits. It saw over 99% of its revenue from operations in FY23, an imitation of its previous year’s breakdown. The company is currently valued at Rs 47.86 crore.
The Ayush Agrawal and Devendra Dhaka co-founded company saw a revenue of Rs 9.99 crore in FY22, with expenses almost touching Rs 10 crore and a profit of Rs 2.78 lakhs.
Founded in 2015, ToppersNotes is in the test preparation industry mentoring and training students for competitive exams like IAS, IES, GATE, SSC, NEET, JEE, CBSE Board, and state-level job exams. It additionally provides students with materials compiled by toppers. The company primarily caters to students from tier 2 and 3 cities, it has over 300K aspirants registered on the platform.
The Jaipur-based startup has raised a total of Rs 7.41 crores in its first and only round till date. The seed round saw participation from the likes of IPV, Hemant Gupta, Pulkit Agrawal, Ashish Sharma, and LetsVenture.
While Ayush Agarwal holds a majority of the company shares, Devendra Dhaka owns an approximate 5% of ToppersNotes.
Other companies in the industry it is up against are Lucknow-based EduGorilla, Bengaluru-based BYJU’s, Gurgaon-based Online Tyari, Mumbai-based Testbook, and Pune-based Pariksha.