Teacher Tools Pvt Ltd, which operates learning management system startup Toddle, on Tuesday said it has secured $17 million (Rs 140 crore) led by Sequoia Capital India in a Series A funding exercise.
However, the company did not disclose the post-money valuation.
Founded by Deepanshu Arora, Gautam Arora, Misbah Jafary, Nikhil Poonawala and Parita Parekh in 2019, Bengaluru-based Toddle offers learning management solutions to teachers allowing them to document, streamline and plan lessons for students comprehensively. Some of its solutions are based on International Board (IB), Cambridge, British, and other curricula, and the company claims that these are being used by over 1,500 schools globally.
The education software-as-a-service (SaaS) firm last secured an undisclosed amount of funds in January 2020 from Matrix Partners and Better Capital. So far, it has raised about $22 million through all rounds.
The learning management firm’s operations are spread across countries with India schools only contributing about 7-8% of its total revenues, the firm’s co-founder and chief executive officer (CEO), Deepanshu Arora said. A major chunk is derived from the Americas, followed by Europe and Middle East, he said.
As per data available on VCCircle’s data platform VCCedge, the company’s revenue grew to Rs 12.8 crore in FY22, from Rs 4.43 crore in FY21. However, its net loss in the last fiscal widened nearly 3x to Rs 20.47 crore against Rs 6.94 crore.
“We will turn cash flow positive in 2023, this year itself, from our core business,” Arora said, adding that the current fundraise should be “infinite runway” for the company to support its expansion plans.
The firm has plans to launch expanding into other curricula and is developing learning management system for pre-school level educators as well, he said. He added that the firm aims to touch about 10,000 schools in the next five year.
Among recent deals in the edtech space, B2B edtech platform Uolo, last week announced the acquisition of coding tutoring platform Tekie for an undisclosed sum. The transaction will be an equity swap between the company and Tekie’s investors, which includes GSV Ventures, Multiply Ventures and Better Capital.