The funding round was led by Alpha Wave., while existing investors also participated in the round
Cuemath will use the funds for strengthening its products and services, scaling business, and brand building
Cuemath is an online learning platform for K-12 students with a presence in more than 70 countries
Edtech startup Cuemath has raised $57 Mn in a fresh equity funding round led by Alpha Wave. Existing investors, including Lightrock India, Sequoia Capital India, Alphabet’s CapitalG, Manta Ray, and Unitus, also participated in the round.
The startup’s valuation more than doubled to $407 Mn, Cuemath said in a release.
The fresh funds will be used for strengthening Cuemath’s products and services, scaling its business, and brand building. The startup will also deploy the funds for acquisitions and partnerships.
Founded in 2013 by Manan Khurma and Jagjit Khurma, Cuemath is an online learning platform for K-12 students. It offers mathematics-focussed learning programs that consist of one-to-one group classes, quizzes and visuals.
In 2020, Cuemath raised $40 Mn in its Series C funding round from LGT Lightstone Aspada, Alpha Wave Incubation, Sequoia Capital, Google’s Capital G and Manta Ray. Prior to that, it raised $5.45 Mn in its Series B funding round from a host of new and existing investors.
Cuemath has a presence in more than 70 countries. It claims that it is certified by Grant Thornton and accredited by Google for Education.
Cuemath aims to expand its footprint to over 100 countries by the end of FY23. It is looking to grow its business in North America, South America, APAC, the UK, Europe, Middle East, and Africa.
Cuemath competes with the likes of BJYU’S, Unacademy, Vedantu, Khan Academy, Eupheus and Lido.
The Indian Edtech Sector
The edtech sector got a huge boost during the pandemic as schools and colleges remained closed and students took to learning online. However, with the impact of pandemic receding and schools and colleges reopening, the sector seems to have lost some of its sheen.
The edtech startups have been seeing a decline in their business as students move back to offline learning. To counter this, startups like BYJU’S and Unacademy have also entered into the offline market.
The Indian edtech sector, which is poised to grow to $10.4 Bn by 2025, has seen a lot of job cuts recently.
Edtech startup Udayy on Wednesday said it shut its operations in April and would be returning about $8.5 Mn to its investors.
Recently, Unacademy and WhiteHatJr also laid off over 1,000 employees each, while Vedantu and LIDO laid off 424 and 150 employees, respectively.