Teachmint, an India-based edtech startup, has raised $78 million in a Series B round co-led by Rocketship.vc and Vulcan Capital, according to an announcement.
The round saw new investors, including Goodwater Capital and Epiq Capital, join the company’s cap table. Existing backers Learn Capital, CM Ventures, Lightspeed India and Better Capital also participated in the round.
Founded in May 2020 by Mihir Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar, Teachmint enables tutors and institutes to deliver live online classes in 11 different languages, including Hindi, Telugu, Tamil and Punjabi. It claims to be the largest live teaching platform in the world outside of China with more than 10 million teachers and students from over 5,000 cities on its platform.
The latest round brings the company’s total funding to date to $118 million. Teachmint is now valued at $500 million, per a TechCrunch report.
Teachmint will use this fresh infusion of funds to strengthen its proprietary classroom technology as well as to expand into international markets. The startup aims to reach over 100 million users globally in the near term.
“Teachmint has addressed a latent technology problem in the education sector and are well positioned to scale their offering globally. Strong leadership, combined with the passion and conviction to solve this, makes us a strong believer. We are glad to be on this rocket-ship,” said Madhu Shalini Iyer, Partner, Rocketship.vc.
In July this year, Teachmint had raised $20 million in a pre-Series B round led by Learn Capital and joined by CM Ventures.
The company had raised $16.5 million in May in Series A funding led by Learn Capital with participation from CM Ventures, Lightspeed and Better Capital.
Several edtech firms in India have raised funding in recent months. In August, online tutoring company Byju’s was reported to be in talks with several investors to raise $1-1.5 billion at a valuation of nearly $21 billion.
While upGrad raised $120 million from Singapore state investor Temasek in April, global PE giant Blackstone invested $250 million in online higher education firm Simplilearn in July for an over 60% stake.