EdTech startup Teachmint announced it has concluded its third financing round as it enables offline tutors and tutoring institutes to conduct classes online and serve their students.
The Bengaluru-based online teaching platform said Tuesday, May 4, it has raised $16.5 million in a Series A funding round led by San Francisco Bay Area-headquartered venture capital firm Learn Capital. The round also saw participation from CM Ventures, and existing investors Lightspeed India Partners and Better Capital.
“This is Teachmint’s third round of investments within 10 months of its launch in May 2020, making it the fastest EdTech startup in India to raise more than $20 million in capital,” the company said in a press statement.
Teachmint raised its first funding round, the amount of which was not disclosed, in August, and the second round ($3.5 million) in October 2020.
Founded in May 2020, Teachmint helps offline tutors and coaching institutes digitize their classes as a mobile-first, video-first platform. The startup has built an all-in-one product that allows teachers to kickstart a live class, do doubt-clearing sessions, take attendance, conduct webinars, collect fees, offer support via phone calls and take tests, among other tasks.
Teachmint claims that more than 700,000 teachers from over 1,500 cities and towns have signed up on its platform in less than 10 months of its inception. The company says its product is currently available in 10 languages and is highly localized for India-specific needs.
Commenting on the latest fundraise, Mihir Gupta, Co-founder and CEO, Teachmint, said,
“We are excited to welcome Learn Capital who has been partners to the journeys of some of the largest education companies globally. We look forward to learning from their experience across global markets. We are also thankful to CM Ventures and existing investors Lightspeed and Better Capital for their continued support towards our cause.”
The company said it will use the fresh funding for hiring talent, R&D on teaching technology, strategic acquisitions, and further market expansion.
Vinit Sukhija, Partner at Learn Capital, said on the investment,
“From the Learn Capital team’s first meeting with Teachmint’s co-founders several months ago, it was clear that their collective team had meticulously architected an end-to-end, multi-modal, and best-in-class solution enabling teachers in India to instantly and seamlessly digitize their classrooms. Now with over 700,000 teachers, Teachmint has become India’s leading online teaching platform.”
Teachmint is on a mission to make online teaching easy and accessible to all the tutors in India by empowering them with tools to deliver effective learning outcomes for students and parents, who, according to the company, spend over Rs 25,000 crore on private tutoring every year.