Is Toppr still an independent company?

No. Toppr was acquired by Byju's parent Think & Learn Pvt Ltd in July 2021 for about $150 million cash-and-stock, and Think & Learn has been under insolvency (CIRP) proceedings since July 2024, so Toppr now sits inside a bankrupt estate rather than operating independently.

No recent independent financials exist. Toppr's last standalone reported revenue was ₹56.4 crore in FY19, before it was folded into Byju's in July 2021; Byju's group itself posted an ₹8,245 crore net loss on ₹5,298 crore revenue in FY22, with no Toppr-specific disclosures since.

Did Toppr lay off employees?

Yes. In June 2022, Byju's cut an estimated 300 to over 1,200 Toppr employees as part of group-wide cost cuts, reducing the unit to roughly 100 staff by some accounts, while about 80% of Toppr's talent was absorbed into Byju's broader ecosystem.

Toppr is owned by Think & Learn Pvt Ltd (Byju's parent), which entered insolvency proceedings after the NCLT admitted a BCCI petition in July 2024. As of November 2025, Manipal Group and upGrad were the two lead bidders for Think & Learn's assets, including Toppr.

Can AI replace Toppr?

Toppr's core offering, adaptive practice questions and doubt-solving, is the kind of workflow generative AI tutors can replicate at near-zero cost. No source found evidence of a data, integration, or regulatory moat protecting Toppr from this substitution as of 2026.

Who is Toppr's biggest competitor?

Physics Wallah, which IPO'd in November 2025 at a roughly $3.7 billion valuation with FY25 revenue of ₹28.9 billion (up 49% YoY) and 4.5 million paying subscribers, has far outpaced Toppr, which has shown no reported new product activity since being absorbed by Byju's in 2021.

Education companies · India

Toppr

toppr.com ↗

Toppr is a dormant Indian K-12 test-prep app trapped inside Byju's parent's bankruptcy estate.

Little protection left

Assessed 22 July 2026 · Evidence as of 22 July 2026

Not much stands between this business and its pressures.

On the recordSince 22 July 2026 · Checkable from H2 2026 · Every call on the record Checkpoint: Think & Learn insolvency resolution outcome between Manipal Group and upGrad bids

The call

Toppr sits idle inside a bankruptcy estate while Physics Wallah and free AI tutors take the students it used to teach.

Toppr was an online tutoring platform that helped Indian students practice problems and get homework help, but it has been frozen inside Think & Learn's bankruptcy since 2021. It has no real advantage versus Physics Wallah, which went public in late 2025 and is way bigger, or versus AI chatbots like ChatGPT that can answer the same questions for free. The only thing that could revive Toppr is if the bankruptcy court decides to sell it as a working business to a buyer like Manipal or upGrad within the next six months, but there is no sign that will happen.

Why

AI pressure: Generic AI tutors like ChatGPT and Google Classroom's AI features. Free chatbots now solve doubts and generate practice questions the same way Toppr's app did, at zero marginal cost. Could AI do the core job? Yes, likely.

Bigger players: Physics Wallah. Physics Wallah went public with 4.5M paying students and its own AI platform Xylem, absorbing the mass test prep market Toppr once held. Could a giant copy it? Yes, easily.

What protects it. None currently functioning: no hiring since 2023, no product updates, no independent leadership to defend anything.

What would change this call

Think & Learn CIRP resolution outcome announced (expected within 6 months post-June 2026). Shows whether Toppr is revived as a brand, absorbed quietly, or wound down entirely.
Manipal Group or upGrad named as winning bidder for Think & Learn estate. Would indicate whether any buyer sees standalone value in the Toppr brand specifically.
Any Toppr hiring, product launch, or new marketing activity reported by news outlets. Would be the first sign of the brand being reactivated rather than left dormant.

Key numbers

Byju's paid ~$150M to acquire Toppr (2021-07-24)
Think & Learn entered insolvency (CIRP) (2024-07)
Physics Wallah IPO'd at $3.7B valuation (2025-11)

Named risks

Toppr's parent Think & Learn is in active insolvency (CIRP) proceedings that could result in liquidation or asset carve-out. Severity: high
No verified product launches or new features attributed to Toppr in 18+ months as of 2026. Severity: high
Founder Byju Raveendran's May 2026 jail sentence adds legal and reputational overhang to the group. Severity: medium
Core adaptive-practice and doubt-solving features are directly replicable by generic AI tutors at near-zero cost. Severity: high
No Toppr-specific revenue or user disclosures since 2021, limiting visibility into current viability. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Physics Wallah	losing to	PW IPO'd Nov 2025 at ~$3.7B valuation, 49% YoY revenue growth, while Toppr shows no product activity since 2021
Unacademy	contesting	Both edtech players struggling; Unacademy's founder confirmed sub-$500M valuation and M&A talks with upGrad, Dec 2025
upGrad	gaining on	upGrad named a lead bidder for Think & Learn's (Toppr's parent) assets, Nov 2025
Manipal Group	gaining on	Manipal named a lead bidder for Think & Learn's insolvency assets, Nov 2025
Aakash Educational Services	contesting	Aakash stake at center of Think & Learn insolvency estate valuation dispute, 2025-2026

Questions people ask

Is Toppr still an independent company?: No. Toppr was acquired by Byju's parent Think & Learn Pvt Ltd in July 2021 for about $150 million cash-and-stock, and Think & Learn has been under insolvency (CIRP) proceedings since July 2024, so Toppr now sits inside a bankrupt estate rather than operating independently.
Is Toppr profitable?: No recent independent financials exist. Toppr's last standalone reported revenue was ₹56.4 crore in FY19, before it was folded into Byju's in July 2021; Byju's group itself posted an ₹8,245 crore net loss on ₹5,298 crore revenue in FY22, with no Toppr-specific disclosures since.
Did Toppr lay off employees?: Yes. In June 2022, Byju's cut an estimated 300 to over 1,200 Toppr employees as part of group-wide cost cuts, reducing the unit to roughly 100 staff by some accounts, while about 80% of Toppr's talent was absorbed into Byju's broader ecosystem.
Who owns Toppr now?: Toppr is owned by Think & Learn Pvt Ltd (Byju's parent), which entered insolvency proceedings after the NCLT admitted a BCCI petition in July 2024. As of November 2025, Manipal Group and upGrad were the two lead bidders for Think & Learn's assets, including Toppr.
Can AI replace Toppr?: Toppr's core offering, adaptive practice questions and doubt-solving, is the kind of workflow generative AI tutors can replicate at near-zero cost. No source found evidence of a data, integration, or regulatory moat protecting Toppr from this substitution as of 2026.
Who is Toppr's biggest competitor?: Physics Wallah, which IPO'd in November 2025 at a roughly $3.7 billion valuation with FY25 revenue of ₹28.9 billion (up 49% YoY) and 4.5 million paying subscribers, has far outpaced Toppr, which has shown no reported new product activity since being absorbed by Byju's in 2021.

Timeline

2026-05Byju Raveendran sentenced to 6 months jail by Singapore court for contempt
2025-11-18Physics Wallah IPOs, shares close 44% above listing, ~$3.7B valuation
2025-11-16Manipal Group and upGrad named lead bidders for Think & Learn assets
2025-05-29Supreme Court declines to stay Think & Learn insolvency process
2024-10Supreme Court reinstates Think & Learn insolvency after brief pause
2024-07NCLT admits BCCI petition, Think & Learn enters insolvency (CIRP)
2022-06-30Byju's lays off 300 to 1,200+ Toppr employees in cost-cutting drive
2021-07-24Byju's acquires Toppr for approximately $150 million cash-and-stock
2019Toppr's last independently reported revenue: ₹56.4 crore for FY19

Revision history

22 July 2026

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

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