India: Cuemath raises $40m led by LGT Lightstone Aspada, Alpha Wave

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Edtech startup Cuemath has raised $40 million in a Series C round of funding led by LGT Lightstone Aspada and Falcon Edge-managed Alpha Wave Incubation.

Existing investors Sequoia Capital, Google’s investment arm Capital G and Manta Ray Ventures also participated in the financing, said media reports quoting company’s regulatory filings.

Operated by Bengaluru-based Cue Learn Pvt. Ltd, Cuemath is an after-school math excellence programme for kindergarten to Grade 8 children. It uses physical worksheets, and quiz cards, along with other tablet-based content. The startup operates on a micro-franchisee model, where local tutors sign up to conduct classes at their home.

Founded in 2013, Cuemath had raised $5.5 million in Series B funding led by Manta Ray, with participation of Capital G and Sequoia India, about a year ago. It had garnered $15 million in a Series B round led by CapitalG, and joined by Sequoia India in January 2017.

The edtech sector in India has of late witnessed a spate of deals as schools remained shut since March owing to the coronavirus outbreak. Some of the startups to have recently raised funding include kyt, Yellow Class, FrontRow, Lattu Kids, Stones2milestones, and BitClass.

Last month, Unacademy raised a fresh round of funding from Tiger Global Management and US-based Dragoneer Investment Group at a valuation of $2 billion. In September, the company had raised $150 million led by SoftBank. The same month, Byju’s raised $500 million from a group of investors including private equity firm Silver Lake Partners along with existing investors General Atlantic, Owl Ventures, and Tiger Global.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.