Is Testbook profitable in 2024?

No. Testbook's standalone FY24 EBITDA was approximately negative ₹66.2 Cr even as revenue grew 140% YoY to ₹136.7 Cr from ₹56.9 Cr in FY23, per Inc42 financial data published 2026-05-29.

Who owns Testbook now?

B2B ed-tech SaaS company Classplus acquired a controlling stake in Testbook in September 2022 via a secondary share swap valued at about ₹67.8 Cr, buying out Matrix Partners and Pivot Ventures. Testbook has operated as a Classplus-controlled subsidiary since FY23.

Could AI replace Testbook's core product?

Much of Testbook's content, mock tests, previous-year papers, and doubt-solving, overlaps with what free LLMs like Gemini and ChatGPT already do. Rival PhysicsWallah already uses Google's Gemini-powered Sarthi AI for doubt-solving as of 2026, per competitive-analysis reporting.

Is PhysicsWallah a bigger threat than Testbook can handle?

Yes. PhysicsWallah IPO'd in November 2025 raising ₹3,480 Cr and posted FY25 revenue of ₹2,887 Cr, versus Testbook's ₹136.7 Cr FY24 revenue, a roughly 21x scale gap with a fresh IPO war chest behind it.

Has Testbook raised new funding recently?

No priced primary funding round has been reported since Classplus's September 2022 secondary share-swap acquisition of a controlling stake, per CB Insights data current through mid-2023 and no later round identified as of July 2026.

What is Testbook's Google Play Store lawsuit about?

Testbook sued Google over Play Store billing fees it says could cut revenue by up to 26%. India's Supreme Court stayed a favorable Madras High Court order on August 5, 2025, leaving the jurisdictional question (civil court vs regulator) unresolved.

Education companies · subsidiary of Classplus · India

Testbook

testbook.com ↗

Indian platform for government job exam prep with video, mock tests, and AI doubt-solving.

Losing its protection

Assessed 22 July 2026 · Evidence as of 22 July 2026

The structural protection is eroding.

On the recordSince 22 July 2026 · Checkable from unresolved as of 2026 · Every call on the record Checkpoint: Supreme Court ruling on jurisdiction in Testbook's Google Play billing case

The call

Testbook is growing fast but stuck between better-funded rivals, free AI tools copying its core product, and a parent company that controls its equity.

Testbook sells practice tests and homework help for Indian students taking competitive exams. The problem: PhysicsWallah and Adda247 are much larger, better funded competitors doing the same thing, and free tools like ChatGPT can answer homework questions just as well (or better) at zero cost. The one thing that could matter is if India's courts force Google to stop charging Testbook unfair fees on its app store, which could improve the company's money problems and independence. Right now, Testbook is losing money every year and owned by Classplus, a parent company also in trouble, with no clear path to stand on its own or grow its way out.

Why

AI pressure: Google Gemini / free LLMs. Free chatbots now solve doubts and generate mock questions, undercutting the paid AI tutoring Testbook sells. Could AI do the core job? Yes, likely.

Bigger players: PhysicsWallah. Fresh off its IPO with a war chest over 5,000 Cr, PhysicsWallah outspends Testbook on content, ads, and offline centers. Could a giant copy it? Yes, easily.

What protects it. A large YouTube audience and years of exam-specific content give it reach, but nothing stops rivals from copying it.

What would change this call

Supreme Court rules on jurisdiction in Testbook's Google Play billing suit. A loss could cut revenue up to 26% on an already loss-making business.
Testbook raises a fresh primary funding round or files for IPO. Would show independent growth capital beyond Classplus control since 2022.
PhysicsWallah expands its IPO-funded offerings into government-job-prep segment. Would show the largest rival directly targeting Testbook's core exam-prep niche.

Key numbers

Revenue up 140% YoY to Rs 136.7 Cr (FY24)
EBITDA loss of about Rs 66 Cr (FY24)
Google billing dispute could cut revenue 26% (2025)

Named risks

Unresolved Supreme Court ruling on Google Play billing could cut revenue up to 26%. Severity: high
Persistent EBITDA losses (-₹66.2 Cr FY24) despite strong revenue growth. Severity: high
No independent primary funding since 2022, equity control rests with parent Classplus. Severity: medium
Core content (mock tests, doubt-solving) commoditized by free LLMs and rivals' AI tools. Severity: high
Crowded, unconsolidated market with better-capitalized rivals (PhysicsWallah, Adda247). Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
PhysicsWallah	losing to	IPO'd Nov 2025 raising ₹3,480 Cr; FY25 revenue ₹2,887 Cr vs Testbook's ₹136.7 Cr FY24
Adda247	contesting	Google-backed, direct government-exam-prep overlap, FY25 revenue ₹240 Cr
Unacademy	gaining on	Unacademy FY25 revenue fell 16% to ₹826 Cr amid reported Upgrad sale talks, Dec 2025
Google (Gemini/Sarthi AI)	losing to	Gemini-powered Sarthi AI doubt solver already used by rival PhysicsWallah as of 2026

Questions people ask

Is Testbook profitable in 2024?: No. Testbook's standalone FY24 EBITDA was approximately negative ₹66.2 Cr even as revenue grew 140% YoY to ₹136.7 Cr from ₹56.9 Cr in FY23, per Inc42 financial data published 2026-05-29.
Who owns Testbook now?: B2B ed-tech SaaS company Classplus acquired a controlling stake in Testbook in September 2022 via a secondary share swap valued at about ₹67.8 Cr, buying out Matrix Partners and Pivot Ventures. Testbook has operated as a Classplus-controlled subsidiary since FY23.
Could AI replace Testbook's core product?: Much of Testbook's content, mock tests, previous-year papers, and doubt-solving, overlaps with what free LLMs like Gemini and ChatGPT already do. Rival PhysicsWallah already uses Google's Gemini-powered Sarthi AI for doubt-solving as of 2026, per competitive-analysis reporting.
Is PhysicsWallah a bigger threat than Testbook can handle?: Yes. PhysicsWallah IPO'd in November 2025 raising ₹3,480 Cr and posted FY25 revenue of ₹2,887 Cr, versus Testbook's ₹136.7 Cr FY24 revenue, a roughly 21x scale gap with a fresh IPO war chest behind it.
Has Testbook raised new funding recently?: No priced primary funding round has been reported since Classplus's September 2022 secondary share-swap acquisition of a controlling stake, per CB Insights data current through mid-2023 and no later round identified as of July 2026.
What is Testbook's Google Play Store lawsuit about?: Testbook sued Google over Play Store billing fees it says could cut revenue by up to 26%. India's Supreme Court stayed a favorable Madras High Court order on August 5, 2025, leaving the jurisdictional question (civil court vs regulator) unresolved.

Timeline

2026-04Testbook merges multiple Pass subscription tiers into unified Testbook Pass One
2025-12Unacademy reported in sale talks with Upgrad at reduced valuation after FY25 revenue fell 16%
2025-11PhysicsWallah IPOs, raising ₹3,480 Cr with FY25 revenue of ₹2,887 Cr
2025-08Supreme Court stays Madras HC order in Testbook's Google Play billing lawsuit
2025-06Madras High Court allows Testbook's suit against Google to proceed
2023-07Testbook files civil suit against Google over Play Store billing policy
2022-09Classplus acquires controlling stake in Testbook via ₹67.8 Cr secondary share swap
2020-01Testbook raises ₹60 Cr Series B led by Iron Pillar
2017Testbook raises Series A from Matrix Partners India
2014-01Testbook founded by six IIT alumni

Revision history

22 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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