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

News and Trends

Palette Brands, Clapingo, and Finsall Raise Early-Stage Funding

Here are the Indian startups that announced early-stage funding rounds.

News and Trends

Huddle Ventures Fund II Oversubscribed at INR 100 Cr

With an average USD 500k entry check and follow-on investments of up to USD 1 million per firm, the Gurugram-based firm hopes to make 20 investments from Fund II.

Business News

Y Combinator Helped Launch Reddit, Airbnb and Dropbox. Here's What I Learned From Its Free Startup School.

The famed startup accelerator offers a free course on building a business — and answers five pressing questions for founders.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

News and Trends

Magenta Mobility Deepens Collaboration With Tata Motors, Deploys Over 100 Tata Ace EV

The Ace EV is powered by EVOGEN powertrain that offers an unparalleled driving experience with a 7-year battery warranty and a 5-year comprehensive maintenance package.