Mumbai-based Toppr, an online platform that helps students prepare for entrance tests and board exams, has raised $2 million from venture-debt provider InnoVen Capital.

Unlike traditional funding, venture debt is available to startups and growth companies that do not have positive cash flows or significant assets to use as collateral. Venture debt providers combine their loans with warrants, or rights to purchase equity, to compensate for the higher risk of default.

This fund-raising by Toppr comes six months after the startup raised $10 million in a funding round led by venture capital firms Fidelity Growth Partners India and existing investors, SAIF Partners India and Helion Ventures. In 2014, it raised about $2 million from SAIF Partners and Helion Ventures.

Toppr plans to use the freshly raised funds for two acquisitions.

Founded by IIT-Bombay Alumni – Zishaan Hayath and Hemanth Goteti,’s platform is meant as a supplement to offline tutoring. It uses adaptive learning technology to customize teaching materials to each student’s needs and prepare them to cope with the demands of an entrance exam.

The platform has about 500,000 enrolments and is on its way to enrol 500,000 more in the next three-four months, claims company.

Toppr co-founder Zishaan Hayath is an angel investor himself, and has invested in quite a few tech startups such as Ola, Zo Rooms, Squadrun, Edu4Share, Pickingo and DoorMint.

In April this year, Toppr acquired EasyPrep, which provides an online and offline platform for schools, coaching institutes and teachers to create exam papers for classroom teaching, student assessment and helping students prepare for competitive examinations, for an undisclosed amount.

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