Since the beginning of the year, edtech firms have been on a tear, and the pandemic has accelerated their adoption. Cuemath has raised Rs 297.1 crore ($40 million) in a Series C round led by Lightstone Fund (LGT Lightstone Aspada) and Falcon Edge’s Alpha Wave Incubation.
Cuemath had raised $5.5 million from Manta Ray Ventures in an expanded Series B round. Cuemath has passed a special resolution to collect the funds by issuing 200 equity shares and 144,618 Series C CCPS for Rs 20,518.56 per share. According to regulatory filings, Lightstone Fund put in Rs 126.3 crore, led by AWI with Rs 111.43 crore.
Existing investors Google Ventures’ Capital G and Sequoia Capital have already contributed Rs 37.14 crore and Rs 7.42 crore, respectively. In this round, Manta-Ray Ventures contributed Rs 14.86 crore to the edtech business. Cuemath’s post-money value in this trade, according to Fintrackr, is around Rs 1,265 crore ($171 million).
After a year, the Bengaluru-based company has received a new round of funding. Cuemath raised $5.5 million in an expanded Series B round led by Manta-Ray Ventures in December. Cuemath was in late stage talks with Alpha Wave Incubation (AWI) to raise $40 million, Entrackr exclusively disclosed in September. According to regulatory filings, Lightstone Fund put in Rs 126.3 crore, led by AWI with Rs 111.43 crore.
Cuemath has passed a special resolution to collect the funds by issuing 200 equity shares and 144,618 Series C CCPS for Rs 20,518.56 per share. According to regulatory filings, Lightstone Fund put in Rs 126.3 crore, led by AWI with Rs 111.43 crore.
Existing investors Google Ventures’ Capital G and Sequoia Capital have already contributed Rs 37.14 crore and Rs 7.42 crore, respectively. In this round, Manta-Ray Ventures contributed Rs 14.86 crore to the edtech business.
Cuemath offers after-school math classes that include physical worksheets, quiz cards, and other in-house tablet material. Cuemath claims to have held 25 million classes for over 100,000 students in India, where 5,000 franchises.
Cuemath LEAP, a multimedia portal for children in grades 7 to 10, was also unveiled. The business claims that its streaming network has grown fourfold in the last six months, with over 500,000 hours of live lessons.
Leap Cuemath, unlike its peers Byju and Unacademy, did not lift back-to-back rounds, so the additional funds are critical. The funding would most likely be used to help the company accelerate its development and develop more robust technology capabilities.
The coronavirus pandemic has caused a significant shift in learning patterns, resulting in a hockey stick demand curve for India’s educational technology. As a result, venture capitalists and institutional founders worldwide are lining up to invest in local edtech startups.
Existing investors Google Ventures’ Capital G and Sequoia Capital have already contributed Rs 37.14 crore and Rs 7.42 crore, respectively. In this round, Manta-Ray Ventures contributed Rs 14.86 crore to the edtech business. Cuemath offers after-school math classes that include physical worksheets, quiz cards, and other in-house tablet material. Cuemath claims to have held 25 million classes for over 100,000 students in India, where 5,000 franchises.
Cuemath LEAP, a multimedia portal for children in grades 7 to 10, was also unveiled. The business claims that its streaming network has grown fourfold in the last six months, with over 500,000 hours of live lessons. Cuemath’s post-money value in this trade, according to Fintrackr, is around Rs 1,265 crore ($171 million). Leap Cuemath, unlike its peers Byju and Unacademy, did not lift back-to-back rounds, so the additional funds are critical. The funding would most likely be used to help the company accelerate its development and develop more robust technology capabilities.
The coronavirus pandemic has caused a huge shift in learning patterns in India, resulting in a hockey stick demand curve for edtech solutions. As a result, venture capitalists and institutional founders worldwide are lining up to invest in local edtech startups.
Though Byju’s raised over $1.2 billion in 2020, Unacademy reached a valuation of $2 billion in November. In the current calendar year, Vedantu, ClassPlus, and Toppr all scored significant rounds. Vedantu and ClassPlus are in talks with new and current sponsors to collect follow-on rounds, according to Entrackr’s information.
