Math learning startup Cuemath on Monday said it raised $15 million (nearly Rs 102 crore) in its Series B round of funding from CapitalG (formerly known as Google Capital) and existing investor Sequoia India.
Cuemath offers technology-driven after-school math learning programmes for children from KG to grade eight. The company said that the funds will be used to develop its learning system and to expand to more cities across the country.
Currently, the ed-tech startup is present in Delhi, Bengaluru, Mumbai, Chennai, Pune and Hyderabad, with around 300 math excellence centres in each of these cities. By March 2018, Cuemath aims to establish 5,000 centers and enroll 40,000 children in the programme.
Bangalore-based Cuelearn Pvt Ltd, which runs Cuemath, was founded in 2013 by the father-son duo of Jagjit and Manan Khurma. 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. Jagjit has a PhD in chemistry from the University of Otago (New Zealand), while Manan is an alumnus of IIT Delhi.
“We believe technology can help solve the strong desire and need for quality education. Cuemath has scaled with great unit economics and capital efficiency,” Kaushik Anand, CapitalG’s head of India Investments said in the press note.
In June 2016, the startup raised $4 million (Rs 26.7 crore) in a Series A round of funding led by Sequoia Capital. Existing investor Unitus Seed Fund also invested in the round.
Cuelearn had raised an undisclosed amount in angel funding led by Canaan Partners' former managing director Alok Mittal in August 2015.
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