Live teaching platform, Teachmint has raised $20 Mn in a pre-series B round led by Learn Capital with participation from CM Ventures.
In May 2021, Teachmint raised $16.5 Mn 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 Mn. With this latest round of funding, the company has also seen a 3x jump in its valuation in two months.
The fresh infusion of funds will be used for development of live teaching technology. 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, Teachmint is a mobile and video-first teaching platform built exclusively to help teachers digitise their classrooms. Its features help teachers conduct live classes, record and store lectures, chart out course structures, automate performance assessments, maintain smooth administration workflow and collect fees.
Mihir Gupta, cofounder and CEO, Tecahmint 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.”
The company has also launched a new product which expands their offerings to schools and colleges. Teachmint for Institute offers educational institutes a platform to conduct and monitor all their online classes and institute activities. From automating attendance, fees collection and performance assessments to recording and storing lectures.
The company’s competitors in the edtech segment include startups such as Teacherr, ODA Class, eduZilla, SkoolApp and Classplus.
The occurrence of the covid19 pandemic accelerated the rise of digital education or edtech wave.
According to Inc42 Plus estimates, edtech startups raised more than $1.43 Bn across 101 deals between Jan 1 and Dec 17, 2020, witnessing a whopping 223.2% rise compared to the previous year. Interestingly, edtech was not even considered among the top five segments a year ago when it came to fundraising or deal volume. Inc42 Plus estimates also reveal that edtech was among the least-funded segments in 2019, with 46 deals in its kitty.
Although edtech funding increased significantly, it largely involved industry giants. For instance, BYJU’S raised about 57% of the segment’s total funding, the unicorn Unacademy raised about 10.4% and Vedantu raised 9.5%.