Teachmint Technologies Pvt Ltd, focused on tutor-student connectivity, on Thursday said it has raised $20 million (Rs 149.4 crore) in a pre-Series B funding round led by global edtech-focused venture capital firm Learn Capital.
Existing investor CM Ventures, which focuses on early-stage technology companies, also participated in this round, Teachmint said.
It will use the funds to expand in new markets, increase hiring and develop its technology capabilities and enhance its product, the company said.
The latest fundraise marks its fourth round of funding.
“Having inaugurated its partnership with Teachmint just several months ago, Learn Capital is thrilled to now augment its partnership at this critical juncture in the company’s trajectory as it plans for exciting new product launches and international expansion,” Vinit Sukhija, partner at Learn Capital, said.
Teachmint had in May 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.
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 many Mergers and Acquisitions (M&A) and investor attention after the COVID-19 pandemic sparked a surge in demand for online learning platforms and solutions.
Mumbai headquartered edtech platform upGrad on Wednesday said it earmarked $250 million for M&A deals over the next 7-9 months.
Quizizz, which gamifies quizzes and interactive lessons, raised $31.5 million last month in its Series B round of funding led by Tiger Global Management.
Last month, VCCircle exclusively reported that Angel network FAAD Network led an angel funding round in Navars Edutech Pvt Ltd, an astronomy and space edtech company that caters to school students.