In a bid to approach and serve the Indian market differently, a number of new-age startups are beginning to figure out the best approach to already broadened catalogs of online startups on the axis of learning, offering live and recorded courses for students. However, it comes as ed-tech startup Teachmint scored $78M in its Series B financing round, ClinchBase has learned.
The subject startup is known as one that’s assisting teachers and institutions in creating their own virtual classrooms with a few steps on their smartphone. Going forward, the latest funding round was co-led by Vulcan Capital and Rocketship.vc, Teachmint made clear today. While according to sources familiar with the matter, the latest values the 16-months-old edtech firm at $500 million.
To ascertain the authenticity of the funding round, the co-founder and chief executive of the subject startup ‘Mihir Gupta’ confirmed the round, while noting that Goodwater Capital and Epiq Capital in addition to existing investors, such as CM Ventures, Learn Capital, Better Capital and Lightspeed India also took part in the round.
It will be fair to note that the subject startup actually began its journey weeks after the current pandemic broke out, and is poised in building what it describes as the “ed-infra” specifically for teachers in India to help them take advantage of online classes, engage with students virtually, assign them with tasks, conduct attendance in addition to fees collection.
Teachmint is believed to be giving this a different approach unlike notable edtech giants such as Byju’s, Vedantu, and Unacademy whose platforms lack direct interaction of teachers with their students.
On the other hand, Teachmint raising $78m comes months after the startup was approached by a couple of Indian edtech giants which had offered a $400 million acquisition price, that was eventually declined by the startup, sources familiar with the matter also confirmed.
At the moment, the startup confirmed that it has amassed more than 10 million users in India. While in a broader perspective, its ed-infra service is also being offered to over 4,000 institutes within the country and beyond. Hence, Gupta also made clear that:
“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 penetrating in education at an unprecedented pace. We are thrilled to welcome onboard Rocketship.vc and Vulcan Capital along with Goodwater Capital and Epiq Capital. We are also grateful to have the continuous support of our existing investors as we execute our vision at the global stage”.
Lastly, Teachmint has confirmed that the new capital will be used to hire talents across product, technology, and design roles in addition to the company’s plans to offer the biggest stock buyback option to employees.
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