Bengaluru based Teachmint Technologies, which runs an eponymous live tutoring platform, has raised $3.5 million in a seed stage funding round led by venture capital firm Lightspeed India and returning investors Better Capital and Titan Capital.
Both Better Capital and Titan Capital were part of Teachmint’s earlier funding round in August this year.
Founded in May 2020 by IIT alumni Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar, the company helps teachers digitize their classes. The founders have previously worked at companies such as OYO, McKinsey, Swiggy and Roposo.
Teachmint said that it will use the capital to build its product suite, introduce additional offerings and expand reach.
The company claims to be 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.
“Our mission is to enable millions of outstanding tutors in India to take their classes online by leveraging Teachmint as their tech backbone,” Mihir Gupta, co-founder and CEO at Teachmint said in a statement.
Harsha Kumar, partner at Lightspeed India said that the opportunity for India’s tutoring and coaching market is over $25 billion.
“India’s tutoring and coaching market is fragmented into millions of tutors and coaching centers, and Teachmint is ideally placed to not just enable this market but potentially expand it further,” Kumar said.
Teachmint is also tapping into the vernacular edtech space. The company said that tutoring is highly localized in India and around 80% of secondary-level students study in Hindi and vernacular media. Keeping this in mind, the company focuses on regional customisation and is available in ten Indian languages.