Teachmint, a software platform for schools and educational institutions to teach online, said on October 25 that it has raised $78 million in a Series B funding round led by Rocketship.vc and Vulcan Capital.
New investors Goodwater Capital, Epiq Capital and existing backers LearnCM Ventures, Lightspeed India, and Better Capital also invested in the company.
Sixteen-month-old Teachmint, founded by Mihir Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar has capitalised on the online education boom during the pandemic and has raised $116 million since inception, and was valued at $500 million in the current round.
The startup said it has over 10 million teachers and students from over 5,000 cities and towns in India, working with schools, individual educators, offline coaching classes, colleges and universities to provide an online learning infrastructure.
“Since inception, we have been laser-focused on addressing the big technology-infrastructure gap that exists in education. Over the past 16 months, we have been humbled by the experience of powering the teaching and learning infrastructure for millions of teachers and students across India. From supporting individual teachers to powering K-12 schools, coaching institutes, colleges, universities and even EdTechs, we are disrupting technology penetration in education at an unprecedented pace,” CEO Gupta said.
As schools and colleges slowly open up in India, these institutions are still counting on a hybrid model going forward, and online classes could be a permanent fixture in some parts, increasing the opportunity for companies such as Teachmint.
“Teachmint has differentiated itself with a focus on building an integrated classroom toolkit that is mobile-first and video-first. They are already among the fastest-growing ed tech companies and have the potential to make a lasting impact on how education is delivered and consumed globally,” said Vivek Subramanian, partner at Goodwater Capital.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
