Bengaluru-based online math learning startup Cuemath has raised $40 million (Rs 297 crore) in its Series C funding round led by LGT Lightstone Aspada and Falcon Edge’s Alpha Wave Incubation.
The company’s existing investors including Google’s growth fund CapitalG, Sequoia Capital, and Manta Ray also participated in the round.
According to the regulatory filings, as first reported by Entrackr, Cuemath has allotted 200 equity shares and 144,618 Compulsory Convertible Preference Shares (CCPS) at an issue price of Rs 20,518.56 per share to raise the Series C amount. Out of this, Lightstone Aspada has invested Rs 126.3 crore, and Alpha Wave Incubation Rs 111.43 crore. The rest, CapitalG, Sequoia Capital, and Manta Ray have poured in Rs 37.14 crore, Rs 7.4 crore, and Rs 14.86 crore, respectively.
Founded in 2013 by Manan Khurma, Cuemath offers online math learning and coding program for students from Kindergarten to grade 10 in over 10 countries, including India, UK, USA, UAE, Singapore, Canada, Thailand, Indonesia, Egypt, Nigeria, Nepal, Bangladesh. Its course content has been designed by experts from premier institutions across the world to build a strong math and coding foundation in students by sharpening their knowledge of concepts, aptitude and reasoning skills.
Cuemath ties up with homemakers to run home-based math learning centres, bringing its tech-enabled learning material available at the doorstep of the students. It currently has over 5,000 centres across cities like Delhi, Mumbai, Kolkata, Bengaluru, Chennai, Pune, and Hyderabad. The online learning platform claimed it has so far delivered more than 25 million classes to over 100,000 students across geographies.
The company has also launched a digital platform called Cuemath LEAP for children from grade 7 to 10. It said the platform has seen growth four-fold in the past six to eight months and now has over 500,000 hours of live classes.
Cuemath’s coding program includes coding for kids, app development, game development, python programming, grades 1-3 coding, 4-6 coding, and 7-8 coding.
Meanwhile, Cuemath’s latest funding comes after a year the startup had raised $5.5 million in an extended Series B round led by Manta Ray Ventures in December 2019. Before that, the company had raised $15 million in its Series B round from CapitalG and Sequoia Capital India in 2017.
With the latest investment, Cuemath’s valuation is said to have reached $171 million, recoding a rise of 80% compared to its previous valuation of $95 million a few months ago.