Edtech startup Teachmint has raised $78 Mn in a Series B funding round led by new investors Rocketship.vc and Vulcan Capital. The new round of investment also saw participation from other new investors such as Goodwater Capital and Epiq Capital.
Existing investors Lightspeed India Partners, Learn Capital, CM Ventures and Better Capital has also participated in the round.
As per Teachmint’s regulatory filings, Rocketship.vc will be pumping INR 260 Cr for 20,886 Series B compulsory convertible preference shares, whereas Goodwater Capital will be investing INR 137 Cr for 11,040 Series B CCPS and Epiq Capital will be investing INR 40 Cr.
Teachmint’s existing investors — Lightspeed India partners will be infusing INR 7 Cr, Learn Capital will be investing INR 37 Cr, and MV Opportunities India Limited will be investing INR 40 Cr.
The investment comes three months after Teachmint bagged $20 Mn in its Pre-Series B round led by Learn Capital with participation from CM Ventures. The company had raised its Series A of $16.5 Mn in May from Learn Capital, Lightspeed and Better Capital.
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.
It is interesting to note that the startup has now mopped $118 Mn within a year of its inception. The startup is also looking for few strategic acquisitions in the near future to strengthen its infrastructure offering.
The startup had earlier launched a new product which expanded its 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 startup competes against the likes of Teacherr, ODA Class, eduZilla, SkoolApp and Classplus.
Edtech startups in India have been receiving bigger cheques since the onset of the pandemic. Uncertainty across the opening of the schools and educational institutes has eventually helped to breach the country’s traditional educational system, which has hardly seen any change in over 100 years.
The pandemic has helped parents and teachers understand the importance of online learning which was mostly overshadowed by offline schooling. The pandemic has indeed given four edtech unicorns – Unacademy, Eruditas, UpGrad, and Vedantu.
According to Inc42 Plus analysis, in the first three quarters of 2021, Indian edtech startups have raised close to $3.2 Bn in investments. As per Inc42 Plus analysis, the edtech market in the country is expected to grow at 3.7X in the next five years from $2.8 Bn in 2020 to $10.4 Bn in 2025.