India: Cuemath to raise $5.5m led by Manta Ray, Capital G, Sequoia

Photo: Reuters

Education technology startup Cuemath is raising about $5.5 million (Rs 39 crore) in funding led by Manta Ray Ventures Limited along with existing investors Google’s Capital G and Sequoia India.

According to the company’s filings with the Ministry of Corporate Affairs sourced by paper.vc, Cuemath will issue 100 equity shares and 46,514 Series B2  compulsory convertible non-cumulative preference shares (CCPS), each at a price of Rs 8329.5, to the aforementioned investors.

Manta Ray is subscribing to 100 equity shares and 22,915 CCPS while Capital G International LLC and Sequoia-led SCI Investments V will be issued 9,907 and 13,692 CCPS, respectively, the filings showed.

The development was first reported by Entrackr.

The funding for Cuemath comes almost after a lull of two years. The startup, run by Cuelearn Pvt. Ltd, had raised $15 million in Series B round of funding led by CapitalG, and joined by Sequoia India in January 2017.

Previously, the company had raised $4 million from Sequoia India and Unitus Seed Fund in June 2016. The company is also backed by Alok Mittal, former managing director of Canaan Partners.

Founded in 2013, Bengaluru-based Cuemath provides after-school math classes. It uses physical worksheets, quiz cards, along with other tablet-based content it develops in-house and targets students from lower kindergarten to standard 10. It operates on a micro-franchisee model, where local tutors sign up with the company to conduct classes at their home.

The startup claims to have over 2500+ centres teaching more than 20,000 students across 80+ cities in India.

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.