Bengaluru based EdTech startup Cuemath, which is run by CueLearn, is reportedly in talks to raise $40 Mn – $45 Mn funding in Series C round from Falcon Edge India.
The company was founded in 2013 by Manan Khurma and Jagjit Khurma. It provides after-school learning programmes for mathematics and uses physical worksheets, quiz cards with other tablet-based in-house content. The company taps into the incremental efforts of women and senior citizens with basic academic backgrounds, but limited or no teaching experience.
It has nearly 5K franchises in India, and has conducted over 25 Mn classes for over 10K students. It had also launched a digital platform Cuemath LEAP for students in grade 7-10. Cuemath Leap claims to have noted a four-fold growth in the last six months, giving 500K hours of live classes.
The company’s stakeholders approved a resolution for the allotment of 46,512 Series B2 shares at a nominal value of INR 100 with a premium of INR 8229,35 to Manta Ray Ventures along with existing investors Capital G and Sequoia India.
The filings showed the following –
- Manta Ray Ventures picked up 100 equity and 22,915 Series B preference shares
- Capital G via GC Asia Investments picked up 9,907 Series B preference shares
- Sequoia via SCI Investments V picked up 13, 692 Series B preference shares
Cuemath’s Co-founder and CEO Manan Khurma said, “I can’t comment on any specifics at this stage. We have been witnessing a lot of interest on the basis of our momentum.” The coronavirus pandemic has brought a massive change in learning habits and triggered a hockey stick kind of demand curve for EdTech solutions in India.