Sequoia, Unitus Seed Fund invest $4 mn in ed-tech startup Cuemath
Bangalore-based Cuelearn Pvt Ltd, which runs after-school math learning programmes under Cuemath, has raised $4 million (Rs 26.7 crore) in a Series A round led by Sequoia Capital with participation from existing investor Unitus Seed Fund.
The company said in a statement it will use the funds to expand its math learning programmes within India and other international markets.
“We see a huge gap in the math learning curriculum for the K8 (LKG to Class 8) segment, which form the formative years in a student’s educational journey. A solid foundation in math can help develop a strong sense of logical reasoning and analytical ability,” Manan Khurma, founder of Cuemath, told VCCircle.
Founded in 2013 by the father-son duo of Jagjit and Manan Khurma, Cuemath ties up with homemakers to run home-based learning centres for students. The course content has been created by math experts from institutions that include IIT, IIM, Cambridge and Stanford University. Jagjit has a PhD in chemistry from the University of Otago (New Zealand) while Manan is an alumnus of IIT Delhi.
In 2014, Cuelearn raised n an undisclosed amount in seed investment from Unitus Seed Fund.
“Cuemath’s USP lies in their innovative distribution model. The concept of empowering homemakers and enabling them to run home-based learning centres is something that is both highly scalable and impactful,” said Abheek Anand, principal, Sequoia Capital India Advisors.
Cuemath says it uses a blend of worksheets and technology to solve the gaps in math learning. It will remain a K8 math learning platform and has no plans to diversify or expand its course offerings for the foreseeable future.
The startup has 1,200 teaching partners and aims to increase this number to 5,000 by March 2017. It is currently present in Delhi, Mumbai, Pune, Bangalore, Chennai and Hyderabad, and plans to expand across India by the end of March 2017.
The company also plans to expand outside India, but refused to divulge any details about it. The startup makes money by retaining a part of the monthly revenue earned by its partner teachers.
Cuemath joins a number of other startups in the ed-tech segment to raise funding.
Last month, ed-tech startup Fundamentor secured an undisclosed amount of funding in a seed round from entrepreneur and former venture capitalist Subramanya SV.
In March, Think and Learn Pvt Ltd, which operates ed-tech startup Byju’s, raised $75 million from Sequoia and Belgian investment firm Sofina, in what is perhaps the largest such deal in this segment till date.
Also in March, Unacademy mobilised $500,000 from Blume Ventures and a clutch of angel investors while DreamCareer.com, a career planning services portal, raised an undisclosed amount in pre-series A funding from media house Bennett, Coleman and Company Ltd’s ad-for-equity investment arm Brand Capital.
In February, Bangalore-based ed-tech firm Carveniche Technologies Pvt Ltd raised funding from Calcutta Angels, Lead Angels and a bunch of other investors.
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Sequoia Capital is a private equity and venture capital firm. It invests in seed, late and growth stage companies operating globally. The firm seeks to invest in energy, financials and financial services, healthcare and healthcare services, internet, mobile, outsourcing, and technology sectors. It invests between $0.1 million and $1 million in seed stage, $1 million and $10 million in early stage and $10 million and $100 million in growth stage companies. The company was founded in 1972 and is based in California, United States of America.
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Sequoia Capital India Advisors Pvt. Ltd. is a venture capital firm with around $1.93 billion assets under management. It provides seed, late and growth-stage capital to companies operating in India. The firm seeks to invest in technology, healthcare, foods and beverages, outsourced services, pharma, consumer, finance, education, manufacturing, hospitality, media and entertainment, energy, retail, infrastructure and telecom sectors. It invests between $0.1 million and $1 million in seed stage, $1 million and $10 million in early stage and $10 million and $100 million in growth stage companies. The company was incorporated in 2000 and is based in Bengaluru, Karnataka. with an additional office in Mumbai.
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