Mumbai-based Share Infotech Pvt Ltd, the company behind Testbook.com, an online test preparation platform for competitive exams like GATE and CAT, has secured Rs 1.5 crore (under $250,000) through LetsVenture, an online platform to connect startups with accredited investors, and ah! Ventures, the angel network of Club Ah!.
The round also saw participation from a few individuals working in the investment banking, education and mobile industries.
The round was co-led by Utsav Somani, a member of Indian Angel Network, and Shankar Narayanan, MD of Carlyle Group.
“We will use the funds in three areas — product, content and marketing. We are aiming to reach 2 million users by mid-2015. Content expansion is going to be massive, with many innovative features coming from the tech side to ease the preparation,” said Ashutosh Kumar, co-founder of Testbook.
The startup was founded early this year by a group of IIT Bombay and IIT Delhi alumni — Ashutosh Kumar, Narendra Agrawal, Yadvendar Champawat, Abhishek Sagar, Manoj Munna and Praveen Agrawal.