Math learning startup Cuemath has raised $40 million (Rs 297 crore) in its Series C round of funding led by impact investor Lightstone Fund and Falcon Edge’s Alpha Wave Incubation.
Existing investors CapitalG, which is Google’s venture capital arm, and Sequoia Capital also participated in this round.
The development was first reported earlier in the day by digital media publication Entrackr citing regulatory filings.
The Series C round comes almost a year after the startup raised $5.5 million in an extended Series B round led by Manta Ray Ventures in December 2019.
Operated by Bengaluru-based Cue Learn Pvt. Ltd, Cuemath offers technology-driven after-school math learning programmes for children from kindergarten to class VIII.
Founded in 2013 by Jagjit Khurma and his son Manan, the company ties up with homemakers to run home-based learning centres for students. The course content has been created by math experts from institutions such as the IITs, IIMs, Cambridge University and Stanford University.
The ed-tech startup has a presence in Delhi, Bengaluru, Mumbai, Chennai, Pune and Hyderabad, with around 300 math excellence centres in each of these cities. It was aiming to establish 5,000 centres and enroll 40,000 children in the programme by the middle of last year.
In January 2017, Cuemath had raised $15 million (Rs 102 crore then) in its Series B round of funding from CapitalG (formerly known as Google Capital) and Sequoia Capital India.
Deals in ed-tech
Ed-tech has become one of the most popular startup segments this year, with Covid-19-induced lockdowns having boosted both user numbers and cheque sizes in the space.
Last month, Unacademy bumped up its valuation to $2 billion by adding Tiger Global and Dragoneer Investment Group to its list of investors. In September, it raised $150 million (Rs 1,094 crore) in a new funding round led by SoftBank.
Also last month, VCCircle reported that venture capital firm Nexus Venture Partners had scored a multi-bagger from its investment in TalentSprint Educational Services Pvt. Ltd after the education-technology provider attracted a buyer.
Similarly, Omidyar Network India and Blume Ventures led a pre-Series A round in Uolo Edtech Pvt. Ltd, a platform that enables schools and parents to communicate with each other.