Get All Access for $5/mo

Edtech Startup Cuemath Raises $40 Mn In Series C Round Led By Lightstone Fund and Alpha Wave Incubation The investment comes almost a year after the startup raised $5.5 million in an extended Series B round led by Manta Ray Ventures

By Debarghya Sil

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Entrepreneur India
Manan Khurma, the founder and CEO of Cuemath

Google-backed edtech startup Cuemath has raised $40 million in its Series C round of funding led by Lightstone Fund (LGT Lightsone Aspada) and Alpha Wave Incubation Fund. Existing investors such as Sequoia, Manta Ray Ventures and Google's CapitalG also participated in the round.

According to a digital publication Entrackr, Cuemath has passed a special resolution to allot 200 equity shares and 144,618 Series C CCPS at an issue price of INR 20,518.56 per share to raise the amount.

In the latest round of funding, Lightstone Fund has invested INR 126.3 crore and Alpha Wave Incubation Fund infused INR 111.43 crore, regulatory filings show.

The investment comes almost a year after the startup raised $5.5 million in an extended Series B round led by Manta Ray Ventures.

The Bengaluru-based startup provides technology-driven after-school learning programmes for students from way down from class 1 to class X. The startup was established in 2013 by Jagjit Khurma and his son Manan. The startup is also known to offer coding lessons. The startup currently has 5,000 franchises in India and has reportedly conducted 25 million classes for over 100,000 students in the country.

Cuemath's tutors are currently present in cities such as Bengaluru, Chennai, Hyderabad, Delhi-NCR, Kolkata, Mumbai, and others. However, due to the ongoing pandemic all the classes have been shifted to online.

The funding has also come at a time when there has been a significant demand for online learning as schools and colleges continue to remain shut. With higher internet penetration, the edtech space was growing organically, but the ongoing padmenic has turned out to be the watershed moment for the education sector in the country which was reluctant in adopting technology. Throughout the pandemic, edtech players have been on a spree of raising capitals to cater to more audiences, make their presence felt and foray into new markets. According to a report by RedSheer and Omidyar Network, the country's edtech market will touch $3.5 billion market by 2022. It further observed online learning for Classes 1 to 12 are projected to increase 6.3 times by 2022, which will create a $1.7 billion market.

Debarghya Sil

Entrepreneur Staff

Former Correspondent

Leadership

How to Master the Art of Delegation — Lessons From Andrew Carnegie's Legacy

Here's what Andrew Carnegie can teach today's entrepreneurs about leadership, teamwork and effective delegation.

News and Trends

East Ocyon Bio, Culture Circle, Power Gummies, and Navanc Raise Early-Stage Funding

The startups listed below have disclosed investment rounds.

Fundraising

Will Investors Bite on a Pizza Wallet? Find Out on the Wild Season Finale of 'Elevator Pitch.'

On the season 12 finale of "Entrepreneur Elevator Pitch," contestants teach investors to look at ordinary things in a whole new way.

News and Trends

Haber Secures USD 44 Mn in Series C Round to Drive Global Expansion

Accel remains the largest external stakeholder with an 18.1% stake, followed by Creaegis and Elevation.

Personal Finance

This Candlestick Trading Masterclass Can Help You Unlock Passive Income for Your Business

Learn what it takes to make smart investments in the stock market.

Franchise

These Are the Top New and Emerging Franchises of 2024 — And You Can Start One for Less Than $5,000

We evaluated new and emerging brands based on the same rigorous criteria used in the Franchise 500 process, analyzing more than 150 data points.