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.
