Bengaluru headquartered Teachmint Technologies, which runs edtech startup Teachmint, has raised an undisclosed amount in a seed funding round led by Better Capital, with participation from Titan Capital.
Teachmint, which also launched a mobile-first video app, said that the fresh capital will be deployed to improve its product and customer support services. It aims to provide a user-friendly interface to digitise over a million private tutors who do not have tools to move their teaching online, a statement said.
The company looks to tap into the growing online education market, estimated to be valued at Rs 25,000 crore a year, the statement said, adding that it would contribute to the Aatmanirbhar Bharat Abhiyaan as well.
“Repeated studies have shown that learning happens best in cohorts where there is a personal touch from the teacher and there is a connection within the cohort. Recent times have highlighted the struggles of teachers while dealing with online tools that are not built for a teaching use case” Mihir Gupta, co-founder and CEO of Teachmint, said.
The startup was founded in May 2020 by IIT alumni Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar. The company claims that it is India’s first mobile and web application that delivers high quality two-way streaming video and an in-built tutoring business management workflow to handle tasks such as marking attendance, creating content and conducting tests. It has witnessed over 25,000 downloads from over 300 cities so far, the statement said.
Better Capital, the lead investor in the round, was founded in 2018 by Vaibhav Domkundwar. The early stage venture capital firm has placed bets in companies such as neo-banking platform Open, digital ledger platform Khatabook, agritech business-to-business trade platform Bijak and bike rental platform Yulu. It recently invested in location analytics startup Locale.ai, fintech startup Walrus and Inspektlabs, a startup that makes artificial intelligence (AI) based inspection solutions.
On the other hand, participant Titan Capital, a venture capital firm founded by Snapdeal co-founders Rohit Bansal and Kunal Bahl, has invested in nearly 70 startups, including content platform Pepper Content, agritech startup Vegrow and networking platform leap.club.