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Online teaching platform Teachmint on Tuesday said that it had raised $16.5 million (around Rs 120 crore) in a Series A funding round led by Learn Capital.

This investment round also witnessed participation from CM Ventures, and existing investors like Lightspeed and Better Capital, the company said.

This is Teachmint’s third round of investments within 10 months of its launch in May 2020, raising more than $20 million in capital.

According to the official statement, the edtech platform will use these funds for hiring top talent, R&D on teaching technology, strategic acquisitions, and further market expansion.

Founded by Mihir Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar – alumni of IIT Bombay and IIT Delhi with executive experience at OYO, McKinsey, Swiggy and Roposo, Teachmint claims that more than 700,000 teachers from 1,500+ cities and towns have signed up on its platform from Srinagar in Jammu and Kashmir to Port Blair in Andaman and Nicobar Islands since its inception.

Speaking about the new development, Mihir Gupta, Co-founder and CEO, Teachmint, said, 

“We started Teachmint to address the big technology-infrastructure gap in teaching and learning. Through Teachmint, existing teachers have adopted technology to significantly increase their teaching efficiency, reduce costs, and increase their student base. In addition to existing teachers, Teachmint is supporting new individuals to create teaching businesses from scratch across domains like K-12 tutoring, test prep, and extra-curricular learning. 

“We are excited to welcome Learn Capital who have been partners to the journeys of some of the largest education companies globally. We look forward to learning from their experience across global markets. We are also thankful to CM Ventures and existing investors Lightspeed and Better Capital for their continued support towards our cause.”

Commenting on the investment, Vinit Sukhija, Partner at Learn Capital, said, “From the Learn Capital team’s first meeting with Teachmint’s co-founders several months ago, it was clear that their collective team had meticulously architected an end-to-end, multi-modal, and best-in-class solution enabling teachers in India to instantly and seamlessly digitise their classrooms. Now with over 700,000 teachers, Teachmint has become India’s leading online teaching platform.”