Bengaluru-based online teaching platform,on Thursday raised $20 million in a Pre-Series B round led by Learn Capital with participation from CM Ventures.
The company stated that the fresh infusion of funds will power its continued focus on the development of live teaching technology as well as aid the enhancement of its product. The funding will also fuel Teachmint’s expansion into newer markets and the hiring of skilled talent.
Founded in 2020, 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 is a mobile and video-first teaching platform built exclusively to help teachers digitise their classrooms.
Speaking on the new development, Mihir Gupta, Co-founder and CEO at Teachmint said,
“It has been truly humbling to see the widespread adoption of Teachmint by teachers and students across India. With our platform usage growing 25x over the last quarter, we are becoming the default teaching application in India and the largest live teaching platform globally, outside China.”
“Over the past year, we have brought together some of the top minds in product and engineering to address the big technology-infrastructure gap in teaching and learning through our proprietary platform. Our mission is to empower every teacher through technology and significantly transform the learning impact for students across the globe. We are excited to have continued support of Learn Capital and CM Ventures in this mission,” he added.
In May 2021, Teachmint raised $16.5 million in Series A funding led by Learn Capital with participation from CM Ventures, Lightspeed and Better Capital. This is Teachmint’s fourth round of fundraise in roughly a year from its inception, making it the fastest EdTech startup in India to raise $40 million.
With this latest round of funding, the company has also seen a 3x jump in its valuation in just two months.
In addition to this, Teachmint is now ranked as the #1 top free education app on Google Play Store, an indication of the platform’s immense popularity and widespread adoption by educators across the country, stated the company.
Image Source: Google Playstore
Vinit Sukhija, Partner at Learn Capital added, “In just 12 months, Teachmint has blossomed from a nascent idea to the #1 ranked education app in India – an unprecedented growth narrative for an Indian edtech company. This market resonance is a testament to the Teachmint team’s ongoing commitment to authentically incorporating teachers’ perspectives into the company’s ever-expanding suite of market-pioneering digital teaching tools.”
At the heels of these milestones, the company has also launched a new product which expands their offerings to schools and colleges.
Teachmint for Institute offers educational institutes a highly simple, effective and intuitive platform to conduct and monitor all their online classes and institute activities.
“Having inaugurated its partnership with Teachmint just several months ago, Learn Capital is thrilled to now augment its partnership at this critical juncture in the company’s trajectory as it plans for exciting new product launches and international expansion,” added Vinit.