Manta Ray Ventures to join Sequoia, CapitalG in Cuemath’s Series B round

Manta Ray Ventures to join Sequoia, CapitalG in Cuemath’s Series B round
Photo Credit: 123RF.com
10 Dec, 2019

Bengaluru-based Cue Learn, which owns after-school math education platform Cuemath, will raise $5.5 million in a Series B round from new investor Manta Ray Ventures and returning investors CapitalG and Sequoia Capital India.  

The company will issue 46,514 preference shares at Rs 8,229.35 rupees a share to the three venture capital investors, regulatory filing showed. Manta Ray Ventures is a London-based venture capital firm that invests in technology-enabled businesses across sectors.

Although the proposed investment has been approved by the board, it is yet to be vetted by shareholders.

In 2018, Cue Learn raised $3.2 million in a combination of debt and equity from Trifecta Capital, separate regulatory filings showed. Notably, it issued 2,634 Series B preference shares at Rs 10,150.58 a share and non-convertible debentures worth $2.8 million to venture lender Trifecta Capital.   

In 2017, the company raised $15 million in a Series B round of funding led by CapitalG, Google parent Alphabet’s investment arm. Sequoia had joined the round at the time. Prior to that, Cue Learn raised $4 million from Sequoia and Bengaluru-based impact investor Unitus Seed Fund. The company is also backed by Alok Mittal, former managing director of Canaan Partners and currently founder of fintech startup Indifi Technologies.

The capital raised in the latest round will be used for capital expenditure or to meet the operational expenses in line with the company’s business plan. 

Founded in 2013 by Jagjit Kurma and Manan Khurma, Cuemath offers math classes on a franchisee model. It uses physical and gadget-based content for students from lower kindergarten to matriculation. The curriculum draws learning standards from across state and central education boards in India, along with some foreign curricula. The platform claims to have achieved its target of 40,000 students enrolled at over 5,000 centres spread over 80 cities in India.