[Funding Alert] Teachmint Raises $3.5 Mn From Lightspeed India And Existing Investors
The startup will leverage this funding for building out its product suite, introducing additional offerings, and increasing geographic reach to more tutors
Live-tutoring platform Teachmint on Thursday announced it has raised $3.5 million in seed funding led by Lightspeed India and existing investors Better Capital and Titan Capital. This is the second round of funding for the platform in just two months since raising its first round in August earlier this year.
Launched in May 2020, the startup facilitates offline tutors to digitize their classrooms, engage online with existing students as well as reach out to a wider student base. It has further developed a mobile-first, video-first product that enables ease of content delivery, engagement, and evaluation and business workflow tools, which help tutors, manage their classes well.
“Teachers are at the center of a great education experience, and this is what will truly unleash the power of edtech. Our mission is to enable millions of outstanding tutors in India to take their classes online by leveraging Teachmint as their tech backbone. We are thrilled to partner with Lightspeed and our existing investors to continue to ramp up access for tutors across the country and beyond,” said Mihir Gupta, Teachmint co-founder, and chief executive officer, in a statement.
Tutoring is highly localized, both in terms of languages as around 80 per cent secondary-level students study in Hindi and vernacular media, and the tutor’s exclusive approach and pedagogy.
“India’s tutoring and coaching market is estimated to be over $25 billion, is fragmented into millions of tutors and coaching centers, and Teachmint is ideally placed to not just enable this market but potentially expand it further. We are very excited to partner with the team from day one has demonstrated product-first thinking and deep market understanding,” commented Harsha Kumar, Lightspeed India Partner.
The company is built with a focus on regional customization and is already available in 10 Indian languages other than English. As a result, the platform has seen standardized implementation across the country with the user base stretching from Srinagar to Port Blair.
“We invested at the founding stage of Teachmint based on a deep alignment with the founder’s vision and I have been impressed with the pace at which the team has executed and the market pull Teachmint has experienced from tutors across India and Bharat,” added Vaibhav Domkundwar, Better Capital founder and chief executive officer.
Education technology startup is founded by Gupta, Payoj Jain with Divyansh Bordia and Anshuman Kumar. The founding team’s vision is to democratize online education by making online teaching easy and accessible to all tutors in India. The platform has raced to more than 120,000 tutors over across 1,000 cities and towns.