Teachmint Technologies Pvt Ltd, focused on tutor-student connectivity, on Monday said it has raised $78 million in a Series B funding round led by Rocketship.vc and Vulcan Capital.
The round valued the edtech startup at $500 million (Rs 3,686 crore).
This round also saw participation from Goodwater Capital, Epiq Capital, and existing investors Learn Capital, CM Ventures, Lightspeed India and Better Capital.
Rocketship.vc will be infusing Rs 260 crore for 20,886 Series B compulsory convertible preference shares. Meanwhile, Goodwater Capital will be investing Rs 137 crore for 11,040 Series B CCPS and Epiq Capital will be investing Rs 40 crore, as per Teachmint’s regulatory filings obtained by VCCircle.
Existing investors Learn Capital will be infusing Rs 37 crore, MV Opportunities India Limited will be investing Rs 40 crore, Lightspeed India partners will be infusing Rs 7 crore.
To date, the company has raised $118 million, the company will use this fresh infusion of funds to further strengthen its proprietary classroom technology as well as to expand into international markets.
The startup said it has grown to a user base of over 10 million users in India and aims to scale this to over 100 million users globally in the near term. The company is planning on growing its teams and hiring skilled talent across product, technology, and design.
The company plans on doubling its workforce in the next six months and will announce its ESOP buyback plan to reward and recognize the contributions of its team.
To date, the company has raised $118 million. It will use this fresh infusion of funds to further strengthen its proprietary classroom technology as well as to expand into international markets.
The startup said it has grown to a user base of over 10 million users in India and aims to scale this to over 100 million users globally in the near term.
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 company competes with peers like Teacherr, ODA Class, Classplus, eduZilla, and SkoolApp.
In July, Teachmint raised $20 million (Rs 149.4 crore) in a pre-Series B funding round led by global edtech-focused venture capital firm Learn Capital.
In May, Teachmint raised $16.5 million in a Series A funding round led by Learn Capital to make strategic acquisitions and invest in its research and development.
With over 9,000 edtech startups, of which 750 have raised about $8.5 billion to date. 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.
Edtech startup Questt, owned and operated by Reallearning Technologies Pvt Ltd, has raised $6.75 million (Rs 50 crore) Series A funds led by Celesta Capital and Premji Invest.
Last week, Questt raised $6.75 million (Rs 50 crore) Series A funding led by Celesta Capital and Premji Invest.
In the same week, VCCircle reported that Amsterdam-based Global University Systems has acquired a 100% stake in Indian education firm Edvancer Eduventures Ltd that offers online certification courses in data sciences.
Vernacular edtech platform Vidyakul raised an undisclosed amount in a financing round from Dholakia Ventures and other angel investors. Similarly, Bengaluru-based ForeignAdmits raised Rs 3.5 crore in a seed funding round led by Unicorn India Ventures.
Earlier this month, Unacademy Group-owned Graphy acquired edtech platform Spayee for $25 million.