Toppr was founded by Zishaan Hayath and Hemanth Goteti in 2013 as an adaptive learning platform for Indian students.
Explore the story of Toppr founders Zishaan Hayath and Hemanth Goteti, from launching an adaptive learning platform in 2013 to raising over $100 million and being acquired by BYJU’S in 2021.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy
Quick Facts
| Founders | Zishaan Hayath, Hemanth Goteti |
| Education | Both founders – IIT Bombay |
| Prior Ventures | Zishaan Hayath – Co-Founder, Chaupaati Bazaar (acquired by Future Group, 2010); VP Product, Futurebazaar |
| Role | Co-Founder and CEO, Toppr |
| Founded | 2013 |
| Sector | EdTech |
Introduction
Zishaan Hayath had already built and sold one startup, and made his name as an early angel investor in companies like Ola Cabs, before deciding education was the sector worth building in next. In January 2013, he quit his corporate role to launch Toppr alongside fellow IIT Bombay graduate Hemanth Goteti, aiming to bring personalized, adaptive learning to Indian students preparing for board exams and competitive tests. (Open Magazine; businessmodelcanvastemplate.com) Eight years later, Toppr became part of BYJU’S in one of the sector’s largest acquisition sprees, a deal whose consequences are still unfolding today. (TechRadar)
The Toppr Story
Before founding Toppr, Hayath had co-founded Chaupaati Bazaar, an early Indian phone-commerce venture that let customers order products over the phone and pay via an interactive voice system; the company was acquired by Future Group in 2010. (Open Magazine) That exit gave Hayath both capital and credibility, which he combined with Goteti’s technical strength to build Toppr as a mobile-first platform centered on a large question bank and automated doubt resolution for JEE and NEET aspirants. (businessmodelcanvastemplate.com)
Toppr launched with roughly $200,000 in early seed funding from angels including Blume Ventures, and by 2015 had crossed one million subscribers following a $10 million Series A led by Fidelity, SAIF Partners, and Helion. (businessmodelcanvastemplate.com) The company grew steadily through the following years, with revenue climbing from ₹6.5 crore in FY17 to ₹25.66 crore in FY18, and a self-reported run rate approaching ₹100 crore soon after. (Forbes India)
That growth trajectory ultimately made Toppr an attractive acquisition target during India’s pandemic-era edtech boom. In July 2021, BYJU’S acquired Toppr in a cash-and-stock deal reportedly worth around $150 million, as part of a broader spree that also included Great Learning, Epic!, and other edtech assets. (The News Minute; Passionate In Marketing)
Business Model
Toppr operated as a subscription-based adaptive learning platform, monetising through paid access to structured test-prep content:
| Revenue Stream | How It Works |
|---|---|
| Subscription courses | Paid access to video lectures, practice sets, and doubt resolution for JEE, NEET, and board exams |
| Toppr School OS | A platform licensed to schools to help manage and deliver content online |
| Offline sales counselling | In-person counsellors who pitched packages directly to parents and students |
(Sourced from Forbes India)
Funding and Acquisition History
| Round/Event | Year | Amount | Key Investors |
|---|---|---|---|
| Seed | 2013 | ~$200,000 | Blume Ventures and angel investors |
| Series A | 2015 | $10 million | Fidelity, SAIF Partners, Helion Ventures |
| Series D | Jan 2021 | Undisclosed | Existing investors including Eight Roads, Alteria Capital |
| Acquisition | Jul 2021 | ~$150 million (cash-and-stock) | Acquired by BYJU’S |
(Sourced from Tracxn and Passionate In Marketing)
Overall, Toppr raised approximately $116 million across 13 rounds before its acquisition by BYJU’S. (Tracxn) Toppr’s last reported standalone annual revenue was approximately ₹95.1 crore, recorded shortly after the deal closed. (Tracxn)
Current Status
Toppr now operates as part of BYJU’S, which has since entered insolvency proceedings in India. Following the acquisition, BYJU’S confirmed it had completed the integration of Toppr and absorbed roughly 80% of its workforce into the broader BYJU’S ecosystem, while the remainder were laid off as part of a wider round of cost-cutting. (TechCrunch) As BYJU’S parent Think & Learn continues to navigate active insolvency proceedings, Toppr’s standalone future as a distinct brand remains closely tied to the resolution of its parent company’s case. (TechCrunch)
Toppr vs Competitors
Before its acquisition, Toppr competed with Unacademy, BYJU’S itself, and Embibe in India’s online test-prep market. (Tracxn) Its acquisition by BYJU’S effectively folded a former rival into the same house, a pattern that repeated across much of India’s edtech consolidation wave in 2021.
Key Takeaways
- Zishaan Hayath and Hemanth Goteti founded Toppr in 2013, building an adaptive test-prep platform for JEE, NEET, and board exams.
- The company raised roughly $116 million across 13 rounds before being acquired.
- BYJU’S acquired Toppr in July 2021 for approximately $150 million as part of a broader edtech acquisition spree.
- BYJU’S absorbed around 80% of Toppr’s workforce post-acquisition, with the rest laid off during subsequent restructuring.
- Toppr’s future is now tied to BYJU’S parent Think & Learn, which remains under active insolvency proceedings in India.
FAQs
Who founded Toppr?
Zishaan Hayath and Hemanth Goteti founded Toppr in 2013.
Is Toppr still an independent company?
No, it was acquired by BYJU’S in July 2021 and now operates as part of the BYJU’S ecosystem.
How much funding did Toppr raise?
Roughly $116 million across 13 rounds before its acquisition.
Who were Toppr’s competitors?
Unacademy, BYJU’S, and Embibe in India’s online test-prep market.
© The Founder Nation | Written by TFN Research Desk
