Technology enabled education startup, Cuemath running under Cuelearn Pvt. Ltd, has raised US $15 million in Series B round of funding led by equity investment fund of Alphabet Inc., CapitalG (formerly known as Google Capital), the company said in a statement on Monday. Existing investor Sequoia India also participated in the round.
The raised capital will be used by the company for business expansion in more cities other than Delhi, Bengaluru, Mumbai, Chennai, Pune and Hyderabad and also the capital will be used for product development.
- Earlier the company had raised USD $4 million from Sequoia India and Unitus Seed Fund in June 2016.
- The company is also backed by Alok Mittal, former managing director of Canaan Partners.
- Technology enabled education startup Cuemath was founded in 2013 Manan Khurma and Jagjit Khurma in Bengaluru.
- It provides after-school math classes, uses physical worksheets, quiz cards, along with other tablet-based content it develops in-house and targets students from lower kindergarten to Class 8.
The company claims to create impact by offering home-based career opportunity to women who are looking to switch, restart or kick-start their careers in tutoring. At present, Cuemath has 2,000 tutors educating more than 10,000 students across cities such like Delhi, Bengaluru, Mumbai, Chennai, Pune and Hyderabad. By expanding to more cities in India, Cuemath seeks to ramp up its strength to 5,000 tutors and enroll 40,000 children by March 2018.
“Schools, by design, cater to only a limited subset of math. Although many of them do a good job at it, our children need much more. Through its multi-format tech-enabled learning system, Cuemath ensures that children not only master math but also fall in love with it.” said Cuemath’s founder Manan Khurma in a statement.
Cuemath is one of the many education start-ups such as Vidyanext, Genius, Flipclass and Vedantu that are using technology to help change after-school tuitions in India.
Bengaluru-based Vedantu Innovations Pvt. Ltd, in 2015 had raised US $5 million from Accel Partners and Tiger Global Management.
In March 2016, FlipClass (run by Gyankosh Solutions Pvt Ltd), which operates as a marketplace for home tutors, had raised US $1 million in funding from S. Chand and Co. Pvt. Ltd, a publisher of textbooks and online educational content, and venture firm Blume Ventures.
Other edutech startups like Smartivity Raised USD$1M Pre-Series A Funding Led By S Chand & Company, TestbookRaises Funding From S Chand And Company, MeetUniv Raised $1 Million From Peesh Venture Capital, Byju’s Raised USD$50M Led By Chan Zuckerberg Initiative and EduRev Raised Pre-Series A Funding From Pradeep Reddy Kamasan.
Article Source: https://goo.gl/Icw9n0