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Present traders Sequoia Capital, Google’s funding arm Capital G and Manta Ray additionally participated within the spherical
Cuemath had raised $5.four Mn in its Sequence B spherical final December, led by Manta Ray Ventures, with participation from Google and Sequoia
In response to Inc42Plus, India’s edtech market is estimated to develop 3.7x within the subsequent 5 years, from $2.eight Bn (2020) to $10.four Bn (2025)
Google-backed edtech startup Cuemath has raised $40 Mn in Sequence C funding led by LGT Lightstone Aspada and Falcon Edge-managed Alpha Wave Incubation. Present traders Sequoia Capital, Google’s funding arm Capital G and Manta Ray additionally participated within the spherical.
In September this yr, Inc42 had reported that the Bengaluru-headquartered startup was reportedly in talks to boost $45 Mn funding in Sequence C spherical from Falcon Edge India.
Cuemath had raised $5.four Mn in its Sequence B spherical final December, led by Manta Ray Ventures, with participation from Google and Sequoia.
Cuemath issued a bit over 144,000 shares at INR 20,518 every to boost INR 297.1 Cr, in keeping with regulatory filings sourced from enterprise intelligence platform Tofler.
The corporate was based in 2013 by Khurma and Jagjit Khurma. It supplies after-school studying programmes for arithmetic and makes use of bodily worksheets, quiz playing cards with different tablet-based in-house content material.
It has practically 5K franchises in India, and has carried out over 25 Mn lessons for over 10Ok college students. It had additionally launched a digital platform Cuemath LEAP for college students in grade 7-10. Cuemath Leap claims to have famous a four-fold progress within the final six months, giving 500Ok hours of dwell lessons.
In response to Inc42Plus, The Future Of Edtech In India: Decoding The $10 Bn Market Alternative Report, 2020, India’s edtech market is estimated to develop 3.7x within the subsequent 5 years, from $2.eight Bn (2020) to $10.four Bn (2025).
Cuemath’s fundraise comes at a time when India’s edtech sector has seen a major influx of capital led by market chief Byju’s elevating near $1.2 Bn, adopted by Unacademy which raised over $150 Mn and Vedantu, which has raised over $100 Mn, this yr.
Entrackr, which first reported the funding in Cuemath, estimated the corporate’s valuation at round $170 million.
Cuemath stated it had delivered over 25 Mn lessons to over 100,000 college students throughout geographies, together with the UK, US, UAE, Singapore, Canada, Thailand, Indonesia, Egypt, Nigeria, India, Nepal and Bangladesh.
The corporate claims that it had seen a major enhance in signups for its web-only studying platform Cuemath Leap due to the disruption introduced on by the Covid-19 pandemic.
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