Teachmint Technologies Pvt Ltd, focused on tutor-student connectivity, on Tuesday said it has raised $16.5 million (Rs 123 crore) in a Series A funding round.
The funding was led by global edtech-focused venture capital firm Learn Capital, known for early investments in companies such as Coursera and Udemy.
Teachmint will use the funds to make strategic acquisitions and for market expansion. Part of the funds will also be deployed for hiring and research and development (R&D).
This is the startup's third round of investment within 10 months of its launch in May last year. It has so far raised more than $20 million.
Teachmint was founded by Mihir Gupta, Payoj Jain, Divyansh Barodia, and Anshuman Kumar. The four were previously with firms including McKinsey, Roposo, Open, OYO, and Swiggy.
Teachmint is a mobile-first, video-first, teaching platform that helps teachers to digitise their classrooms. It has more than 700,000 teachers on its platform, and is being used in over 1,500 cities and towns in the country. Other than English, it is also available in 10 Indian languages.
The edtech sector has been attracting increased investor attention after the COVID-19 pandemic sparked a surge in demand for online learning platforms and solutions.
Just last week, edtech firm upGrad raised $120 million (Rs 898 crore) from Singapore state investor Temasek in its first external funding.
Also last week, LEAD School raised $30 million (Rs 224 crore) in its Series D round of funding led by US-based edtech investor GSV Ventures.
In April, market leader Byju’s raised over $455 million (Rs 3,328 crore) in the second tranche of its Series F fundraise, the move reportedly bumping up its valuation to $15 billion (about Rs 1.13 lakh crore).
Byju's also acquired test-preparatory services Aakash Educational Services in a $1 billion deal last month.
Earlier in January, Unacademy, which joined the unicorn club of startups valued at $1 billion or more last year, said four existing investors had purchased shares worth $50 million (Rs 366 crore).