ah! Ventures has announced its profitable exit from Mumbai-based Edtech startup Testbook with in 3 years of its investment. The startup has now raised an undisclosed amount of funding from Matrix Partners and has given profitable exit to few investors of ah! Ventures. ah! Ventures’ first fund raise for Testbook was with Lets Venture for an investment of Rs 1.5 crores as part of the angel investment in the year 2014.
Founded in early 2012 by six IITians, Testbook provides a variety of mock tests to give student's preparation a final shape for most of the competitive exams being conducted Online in India like GATE, CAT, SBI PO, SBI CLERK, IBPS PO, etc. The education market in the country is mostly dominated by these exam preparations. Testbook allows students to purchase mock tests from their app and website. Testbook even provides personal guidance to students with all – India ranking mock exams. Students can also stay connected with the current affairs in primary languages – English and Hindi by their Daily Current Affairs app which has been downloaded by over two million students up to date.
On this exit, Harshad Lahoti, Founder and CEO of ah! Ventures commented, “In times when exits are hard to come by, our investors have got a great return and the founders also got to reduce the total number of investors in the company.” Harshad further topped it off by saying, “With the current scenario and the rocketing growth that Testbook has witnessed, we wouldn’t be surprised if it reaches the pinnacle of success in no time.”
Commenting on Testbook and its team, investor V C Karthic opined, “Ah! Ventures helped Testbook raise it's funding round when it was literally in a garage! The team of Ashutosh and Narendra have always been humble, diligent, focussed on the end consumer and not afraid to experiment with newer models of engagement and revenue. As an investor, it has been my pleasure to guide the team on this journey. A testament to the value that they have built is in securing a Series A round from a marquee investor in these times. I wish them many successes on what is sure to be a long and fruitful journey."
ah! Ventures is India's first full-spectrum (seed, angel & VC) investment network and platform comprising of over 1400+ investors, including some of the renowned angels and early-stage VCs.