As important as mathematics is for the development of a human mind, education technology start-up, Cuemath is founded with the sole aim of building a stronger math foundation for students.
Recently, the start-up has announced to raise USD 40 million in its latest Series C funding round which was co-led by two investors, Falcon Edge’s Alpha Wave Incubation (AWI) and early-stage investor- LGT Lightstone Aspada’s Lightstone Fund.
As important as online education has become, Cuemath has grown four-fold since physical or offline education has become impossible with the schools and other education centres being shut due to the COVID-19 situation.
Cuemath originally provides after school maths classes, tuitions and use physical modes of teaching, the traditional way with pen and paper. The company claims to have conducted over 25 million classes for over 100, 000 students across the country. It uses traditionally practice worksheets and quiz cards to make the subject easier to understand.
Cuemath was founded back in 2013 by Manan Khurma with the aim objective of revolutionising math education for young children.
Maths has always been a tough subject and because of the incorrect teaching patterns in younger life stage, students tend to not like the subject very much. Cuemath was founded with an idea that math should not be taught as just another academic subject, rather it should be taught as an important life skill.
Thus, moving ahead with this though, the Bengaluru-based start-up managed to raise USD 5.5 million in its Series b funding round which was reportedly backed by Manta ray ventures.
After the conclusion of its Series C funding round, Cuemath has recorded a valuation of USD 171 million which loosely translated to INR 1,265 crore, as reported by entrackr.
When asked about its latest fundraise, the company mentions utilising these freshly acquired funds in doubling down on their growth and expansion plans and also build advanced technological capabilities to compete against EdTech market competitors like Udemy and Unacademy amongst many others.
Furthermore, according to Cuemath’s profile on Crunchbase, existing investors of the company include Sequoia Capital India, CapitalG, Manta Ray Ventures, Trifecta Capital Advisors, Google’s parent company- Alphabet and Unitus Ventures.
The start-up has also launched its digital math platform called Cuemath LEAP from children of class 7th to class 10th. Now, because of the COVID-19 pandemic, global investors are piling on each other to invest in ed-tech start-ups to capitalise on the market’s future potential.
Lastly, the company claims that Cuemath LEAP has grown four-fold in the past six months during the COVID-19 induced nationwide lockdown.