AIMING TO BECOME BIGGEST TEST SERIES PLATFORM FOR

ALL MAJOR EXAMS

FUND RAISING FOR EXPANSION TO PROVIDE MOCK TESTS FOR

ALL GOVERNMENT EXAMS IN NORTH, WEST, EAST AND
CENTRAL INDIA

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 HUGE MARKET DEMAND FOR TEST SERIES

• Government Exams: 12-16 crore applications

• UPSC: 10-12 lakh applications
• GATE: 7-9 lakh applications
• NEET: 15-18 lakh applications
• CAT: 2-3 lakh applications
• AIIMS : 3-4 lakh applications
• CLAT: 40000-50000 applications
• State Engineering Exams: 3-5 lakh applications per state
• Medical Entrance Exams: 3-5 lakh applications per state
• Online IT Courses
• Corporate Screening Exams
• NSE
• IELTS, GRE, CFA
And Many More
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Trend is that most offline exams with objective questions will
be shifted to online mode.
 GOVT. EXAM MARKET SIZE: VALUE POTENTIAL

• Central Jobs, Staff Selection Commission (SSC) Test Prep

Market is estimated to be more than 6000 cr
• Banking Job Test Prep market is estimated to be more than
Rs 4500 cr
• State Public service commission test prep market is
expected to be more than Rs 10000 cr

MARKET IS EXPANDING: TREND IS ONLINE

• Expecting UPSC to turn online exam over next two years.
• We expect most of state exams to become online over next
three years. Market is going to expand continuously over
the next 3-5 years.

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 MARKET SIZE: VOLUME POTENTIAL

Exams Part One Applications (lakhs)

State 880
Railways 225
IBPS 100
UPSC 38
Defence 35
SSC 90
Total 1368

• We conservatively estimate 12-16 cr exam applications every

year. We have not included Part two exam applications in our
estimate to add more conservatism in the numbers.

• Every student appears for 3-5 exams and thereby, more the
number of students, higher is probability of capturing higher 4
market share in exam application products.
 THE PROBLEM
From Student Perspective
Lack of Standardized Exam Prep Material
in Tier three, four cities and rural India
Lack of Smart Practice in offline
institutes, One solution for everybody
Can not Study at Their own Time. Non-
productive usage of time in travelling for
coaching.
Hard to find coaching for most of state
exams, Student has to do self prep
Girls find it hard to move to top cities for
exam prep, usually have to study at
home town with less learning support
Higher investment for shifting to Tier
one and Two cities for high quality
coaching. Costs > 10000-15000 per
month.
Need to learn how to solve questions
at fast pace at personalised level.
Need to measure speed vs. an active
benchmark for success
Lack of proper performance
benchmark for students doing self
prep and lack of enough student
volume for benchmarking in coaching
institutes.
Lack of Topic Wise Exhaustive
Practice, Guidance on types of most
expected questions
Teacher training missed during self
prep, Everything can not be 5
memorised in one time training from
teacher in institute.
 THE SOLUTION
For Students
Exhaustive Test Prep E-Content, Subject
and Exam Mock Tests, Video Lectures
Available on Mobile .
Convenience of studying at own preferred
time, at own house. Saving of time on
travel within city and possible cost on
living in other city.
Local Language Content both in Video and
Test Prep. Helps every student in rural
India or smaller towns. Students can view
Video lectures multiple times, helping
weaker students the most.
Test Prep available for every central and
most of state government exams. Student
can target multiple exams and increase
chances of securing job.
Algo driven smart practice on
subject through tests, more practice
on weak areas.
Performance ranking on score, time,
top ranker comparison on tests
across Pan India Level. Strong
feedback on chance of success
More Girls can aspire for
government jobs due to ease of
exam prep at home. Parents in
smaller towns are not eager to send
girls to bigger towns for coaching.
Interview Prep on Mobile.
Handholding till the last milestone 6
Teacher Student Question Answer
personalised feedback mechanism
 THE PROBLEM
From Coaching Institute Perspective
Reach gets limited by location, Can plan investments based only on
classroom size, availability of teachers possible income from centre. Most of
Laborious to track number of students in smaller coaching institutes can not
every batch, attendance, payments. invest in online technology delivery

Hard to track individual progress of Lack of ability to provide video

students as per topics and tests classes or online classes.

Laborious to manage centre

Time consuming process to conduct tests
expenses. Takes time for information
for every subject and every topic
exchange from accountant.

Centre owner finds hard to track teacher Lack of feedback mechanism for
performance, material and test feedback performance of tests and material

Uneconomical to provide exam prep for Lack of ability to provide large scale
most of state exams due to higher fixed performance benchmarking in tests 7
costs; limitation by city presence and and relative comparison with
teaching resources toppers.
 THE SOLUTION: WHITE LABELLING
For Coaching Institutes
Ready to use platform with subject tests,
full length tests for all government
exams on mobile app.
Benchmarking against Pan India pool of
TDA Students.
Platform will provide teachers individual
student test analysis, aggregate analysis
of performance on topics, subjects and
full length tests. This will help in
focussing on weak areas in the batch. It
will free up the bandwidth for teachers.
Can conduct Live Video Classes
Teachers can upload their content, tests,
Video Lectures
Lower Administrative hassles. Ready
to use app payment solution and
Payment confirmation for both
centre and students.
Biometrics driven attendance
solution for tracking students
presence.
Assistance in digitizing centre content
and test prep material for any exam
Offer to use any of TDA test series for
other exams. Can be downloaded
into App in own name
Offer to Join TDA Partner Program 8
 TYPES OF GOVT. EXAMS ON CENTRAL INDIA LEVEL

Bank Exams Defence Exams

SSC Exams Railway Exams

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 TYPES OF GOVT. EXAMS ON STATE LEVEL

Madhya Pradesh Maharashtra

Rajasthan Andhra Pradesh

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 OUR MARKET SHARE VISION

E-books Course Material

DISTRIBUTION REACH
Pan India Reach and
Local + English Language all exam coverage
Video Lecture Library on
Cloud – (Phase Two)
MARKET
Localised Mock
SHARE GAIN Testing, Localised
Content Generation
Local + English Language
Usage in Test Series –
(Phase One)
SaaS Platform for
private coaching
classes (Phase 2)

Algo Driven Strong Subject 11

Mock Interview Prep
content and Testing
(Phase 3)
(Phase 2)
 OUR MARKET SHARE VISION: CREATE SCALE,
LANGUAGE ADVANTAGE

• To take 10% volume market share in central exams

• To take 15% volume market share in state exams
• To cover all exams across all states
• Continuous feedback for students for improvement
• Assessment over large national level student base will
provide feedback about chances of success
• Trust over content for one exam will lead to cross selling
for other exams due to our exhaustive exam library.
• Create local language products with lectures, tests in local
language; feedback in local language
• Establish affordable pricing, concept strengthening training
and taking students through entire value chain
• Establish deep partner network through SaaS network in
smaller towns 12
MARKET SHARE OPPORTUNITY FOR THIS YEAR
Maharashtra: Rs 9 cr potential Test Series revenue
• MPSC Rajya Seva, MPSC Combined exams are due with
about 6 lakh student applications. Police Bharti Exam due
with about 8 lakh applications. MIDC exam due with about
3 lakh applications. Aarogya exam due with about 3 lakh
applications. Jila Parisar Exam due with about 5 lakh
applications. All above exams are declared. Additionally,
BMC, Forest Guard, MMRDA, Talathi exams are due this
year. About 4-5 lakh applications happen for Talathi, about
2-3 lakh applications come for MMRDA and BMC exams.
In Total, 32-35 lakh applications are opportunity. We are
not going to face any online competition for most of these
exams.
• At an average product fee of Rs 150 and 20% market
share, Revenue opportunity is about Rs 9 cr for our test 13
series product. Potential for us is highest in Maharashtra
due to very low competition.
MARKET SHARE OPPORTUNITY FOR THIS YEAR
Uttar Pradesh : Rs 7.5 cr potential Test Series revenue
• UPPSC are due with about 6-7 lakh student applications.
UP Daroga exams are due with about 8-9 lakh
applications. UP Constable exam are due with 50000
seats and about 12-15 applications. UPLekhpal and UP
Patwari Exam are due with about 4-5 lakh applications
each. All these exams are already declared. UP Teacher
exam is due with about 15 lakh applications. Combining
all, about 50-55 lakh applications are expected for UP
alone. All information is public and available on internet.
• At an average product fee of Rs 150 and 10% market
share, Revenue opportunity is about Rs 7.5 cr for our test
series product. UP is our second highest priority this year.

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MARKET SHARE OPPORTUNITY FOR THIS YEAR
Jharkhand : Rs 2 cr potential Test Series revenue
• JSSC exams are due with about 3-4 lakh student
applications. 7th JPSC exams are due with about 3 lakh
applications. We don’t see any any major online
competition at present. Combining all, about 6-7 lakh
applications are expected for Jharkhand.
• At an average product fee of Rs 150 and 20% market
share, Revenue opportunity is about Rs 1.8-2 cr for our
test series product.

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MARKET SHARE OPPORTUNITY FOR THIS YEAR

Bihar : Rs 5 cr potential Test Series revenue

• 66th BPSC exams are due with about 4-5 lakh student
applications. BSSC CGL exams are due with about 8-10
lakh applications. BSSC CHSL exams are due with 14-15
lakh applications due. ESI exams are due with about 3
lakh applications. Bihar Dargoa exams are due with about
4 lakh applications. Combining all, about 32-33 lakh
applications are expected for Bihar.
• At an average product fee of Rs 150 and 10% market
share, Revenue opportunity is about Rs 4.7-5 cr for our
test series product.

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 TEAM

Team includes 11 teachers with more than 80 years of

experience in them, content and video editors, tech
specialists, marketing and accounting persons.

We are ready to scale up our bandwidth and teacher pool

as we rapidly expand our exam coverage. The model is
scalable and will increase with revenue growth. 17
 OWNED SOFTWARE DRIVEN DATA ANALYTICS
• We have our in-house built Testing Engine and deploys cloud delivery
model. We can load any test content and can provide testing at any
place through internet.
• Performance Benchmarking Analytics also provides relative
comparison on score and time with Ranker. Solutions are provided in
both English and local language.
• Tests have dual language content – English and Local Language.

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 STUDENT GETS SOLUTIONS TO TEST
Solutions let student know where they went wrong, creating a feedback for
them. Solutions are also with local language support.

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 FUND RAISING AND USAGE

FUND RAISING
• Looking to Raise Rs 2.5 cr Funds

FUND USAGE
• Phase One Progression:
Will increase Test Series offering to 600 exams from 30
exams at present. Will front load associated Teacher
Expense. This will drive the maximum revenue for FY21.
Start of Phase Two
• Cloud based Live and Recorded Video Lectures
Creation of Digital studios, Investment in cloud bandwidth,
Digital Boards. Launch of Video Lecture Product.
• White Label Platform: SaaS Platform
We have made a preliminary prototype. We will invest in
creating a full fledged white label platform to use our Test
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Series Content for a wider audience. It will include content
distribution, attendance, communication and assessments.
 FINANCIAL ESTIMATES

FINANCIALS FY21 FY22 FY23 FY24 FY25

Gross Revenue 10.6 54.6 210.6 455.0 910.0
Testing 6.7 37.8 132.6 325.0 650.0
Training 3.8 16.8 78.0 130.0 260.0

Exam Applications (lakhs) 5 21 39 65 130

Revenue per exam 220 260 540 700 700

EBITDA 3.2 20.8 101.4 227.5 455.0

Testing 2.0 12.4 62.4 162.5 325.0
Training 1.2 8.4 39.0 65.0 130.0

EBITDA Margin 30.0% 38.1% 48.1% 50.0% 50.0%

Valuation (cr) Estimated 16 104 507 1138 2275

Invested Valuation (cr) Current Round 15 15 15 15 15
Returns Projected % 6% 593% 3280% 7483% 15067%
Returns Projected Times (x) 1 7 34 76 152 21
REVENUE PER USER CAN TREND TOWARDS 500+
1. Multiple Products per Student
Every student will appear for 3-4 exams and thereby, can
purchase e-learning products for different exams.
2. Multiple Products per Exam
a) A student will be offered Test series based on their need
including Integrated Study Test Series, Exam Paper Test
Series, Subject based Test Series, Pre-Exam Mock Test
Series. Test Series products can cost from Rs 50 to Rs
2000.
b) Mock Interview Prep Course with Experts
c) Video Lectures
3. Asset Light Partnership: Digitizing Small Trainers
We intend to open our cloud platform to small coaching
centres and trainers across the country as a SaaS
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platform. They will be able to get white label solutions and
offer their students testing and smart study solutions.
 REVENUE TARGET FEASIBILITY

• FY21 Revenue estimated at Rs 10-11 cr, Current Revenue rate

is Rs 2 lakh per month, 30 exams coverage, 16000+ students.
This performance is in 6 months of launch.

• To achieve FY21 Revenue aim, We need Average Revenue per

exam (ARPE) of Rs 220 and 5 lakh exam products.

• Estimate of Revenue per exam of Rs 220 achievable ?

Yes, Easily. Learning Platform, Video Lectures and state exam
test average pricing is higher than Rs 220. Some Students will
buy video lectures, some will buy Learning platform, some will buy
higher RPE state exam test series. Revenue per exam of Rs 220
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is easily achievable.
 REVENUE TARGET FEASIBILITY

• Can we get 5 lakh product demand ? Achievable ?

5 lakh exam product demand is less than 1% volume market
share. Next 12 months are packed exam calendar and we
believe, it is achievable.

We have full length mock test, subject based content test

product, video lecture product, subject based video lecture
product. Our target can be achieved though 1 product per 5 lakh
students or 2 products per 2.5 lakh students or 3 products per
1.7 lakh students. If we are able to get 10% market share in
Maharashtra state exams, that number alone can add 80000-1
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lakh students this year. Entirely possible.
 COMPETITOR VIEW

Features TDA TestBook Unacademy Gradeup Adda247

Video Lectures Yes Yes Yes Yes Yes
Multi Language Video Lectures Yes No Yes No No
Test Series Yes Yes Yes Yes Yes
Subject Questions Yes Yes Yes Yes Yes
Past Paper Yes Yes Yes Yes Yes
Pre Exam Test Yes Yes Yes Yes Yes
Vernacular Capability in Test Series(Eng + Hindi) Yes Yes Yes Yes Yes
Video Solutions to Test Series Yes No No No Yes (not all)
Learning Platform Yes No No No No
Algo driven Learning Yes No No No No
Test in English with Regional Language Yes No No No No

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 COMPETITOR VIEW

Geographical Coverage
Bihar Full Partial Partial Partial Partial
Maharashtra Full No Partial No No
Uttar Pradesh Full Target Partial Partial Partial Partial
Chattisgarh Full Target No Partial No No
Madhya Pradesh Full Target Partial Partial Partial No
Rajasthan Full Target Partial Partial No Partial
Jharkhand Full No Partial No No
Haryana Full Target No Partial No Partial
Chattisgarh Full Target No Partial No No
Gujarat Full Target No Partial No No
Delhi Full Target Partial Partial No Partial
Uttarakhand Full Target No Partial No No
Himachal Pradesh Full Target No Partial No No
West Bengal Full Target No Partial No No
North East No No No No No
Punjab Full Target No Partial No No
Tamil Nadu Full Target No Partial No No
Odisha Full Target No Partial No No
Karnataka Full Target No Partial No No
Andhra Pradesh Full Target No Partial No No
Telangana Full Target No Partial No No
Kerala Full Target No Partial No No

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 CAN WE BE A $100MN COMPANY?

• After executing our plans on all exams, we can expand

horizontally in e-learning into other exams. Our growth
path will remain open.

• By tapping into white label talent, we will also be able to

bring out some very strong teachers who can lead our next
set of products.

• We believe we can add about 10 lakh students on our

white label platform through digitizing local level coaching
classes.

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 NEXT MILESTONE FOR SERIES B FUNDING

• Rs. 2.5 cr envisaged for Series B Funding. It will be used

to complete 1500 exams test series.
• Milestone aim would be Revenue of 10 cr
• FY21 Revenue estimated at Rs 10-11 cr.
• FY22 Revenue seen at about Rs 60 cr. We will be net
profit positive with healthy margins.

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Notice
This document and the contents of it do not, and are not intended to, constitute an offer for sale or an invitation
to purchase any company, its shares, other securities or assets. For the avoidance of doubt, there is no intention
to create a legal relationship and such relationship will not come into existence unless and until a formal written
contract, approved by respective solicitors, has been entered into. The information herein has been provided to
Solice Capital Partners, Piyush Holdings, Piyush Jain by the company’s representatives and the contents are not
to be relied upon by potential purchasers as an inducement to enter a formal purchase contract. All enquirers or
prospective buyers must carry out their own due diligence in respect of the matters referred to and satisfy
themselves as to the accuracy of all information. While every care has been taken in the preparation of this
document and the information contained in it, we hereby give you notice that we cannot and do not accept any
responsibility and / or liability for any loss or damage of whatsoever nature that may occur by reliance on it and
howsoever arising. Any disputes or claims arising under or in connection with this document shall be subject to
the non-exclusive jurisdictions of Mumbai, India. Piyush Jain, Piyush Holdings, Solice Capital Partners are
acting, in no capacity, other than as an appointed transaction advisor by its client.

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