Toprankers: An edtech startup weighing funding options for future growth
Toprankers, an EdTech platform headquartered in Bhopal, Madhya Pradesh, was founded in 2016 by Gaurav Goel to help students in India prepare for competitive exams. It initially offered student support and resources focused on government job exams. Over time, the startup expanded its offerings to include exams for law, management, design and commerce. Its online platform provided study materials, courses, concept clarification sessions and mock tests.
Between 2016 and 2018, the company strategically expanded its network of partner coaching institutes on Toprankers Edge, growing from 150 to over 350 institutes across 5 states in India, accompanied by an increase in geographical footprint with a new office in Delhi.
In 2020, Goel acquired a Common Law Admission Test exam coaching institute, LegalEdge, and appointed its owners, Harsh Gagrani and Karan Mehta, as co-founders of Toprankers. In June 2024, the three founders faced dilemmas when it came to product expansion and funding.
On the product front, they wondered whether Toprankers should invest in exploring a new product category or in strengthening the existing offering to solidify its current position. On the funding front, they needed to decide between raising a Series B funding round or going public.
