Less than a year after raising seed capital, digital teaching platform Teachmint has announced that it has raised $16.5 million (Rs 123 crore as per current exchange rates) in a Series A funding round.
The round was led by San Francisco, California based edtech focused venture capital firm Learn Capital, with participation from CM Ventures and returning investors Lightspeed and Better Capital.
The latest fund infusion takes the total amount of equity capital raised by the company to over $20 million, according to a statement.
Founded in May 2020 by IIT alumni Mihir Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar, Teachmint looks to utilise the fresh capital to hire talent, expand its market, back research on teaching technology and make strategic acquisitions.
“We started Teachmint to address the big technology-infrastructure gap in teaching and learning. Through Teachmint, existing teachers have adopted technology to significantly increase their teaching efficiency, reduce costs and increase their student base,” Gupta, also the CEO of Teachmint, said.
“In addition to existing teachers, Teachmint is supporting new individuals to create teaching businesses from scratch across domains like K-12 tutoring, test prep and extra-curricular learning,” he said.
The company provides a digital platform for conducting live classes, assessments using AI, apart from offering admin tools and fee collection services. The platform is used by over 70,000 teachers, including private tutors, coaching operators and freelance educators, the company said.
“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,” Vinit Sukhija, partner at Learn Capital, said.
Due to pandemic-induced shut down of educational institutions, edtech has seen heightened deal activity. According to a report by EY and IVCA, edtech in India is expected to grow to a $10.4 billion industry by 2025 from $2.8 billion in 2020.