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Delhi-based edtech startup CueMath, run by CueLearn has raised $15 Mn in its Series B round of funding in a round led by Alphabet’s equity investment arm – CapitalG (formerly known as Google Capital). Sequoia India also participated in the round.
The raised funds will be deployed towards strengthening its learning system and expanding across different cities in India.
Founded in 2013 by Manan Khurma and Jagjit Khurma, CueLearn, provides after-school learning programmes for mathematics, with a unique distribution model: tapping the incremental efforts of women and senior citizens with basic academic backgrounds (but limited or no teaching credentials).
CueLearn’s flagship programme CueMath is an after-school maths learning programme for students from grades LKG through 8.
Commenting on the investment, Kaushik Anand, Head of India Investments, CapitalG said, “We believe technology can help solve the strong desire and need for quality education. And Cuemath has scaled with great unit economics and capital efficiency. We are happy to be supporting Cuemath on the quest of transforming the way math is experienced by children across the globe.”
Designed by mathematics, education and technology graduates from IIT, IIM, Stanford, Cambridge and Harvard, Cuemath aids students by using maths worksheets and application-based technology under the supervision of trained and certified teachers.
Manan Khurma, founder and CEO, Cuemath said, “Cuemath takes math excellence to a wholly-different level. Through its multi-format, tech-enabled, learning system, Cuemath ensures that children not only master math but also fall in love with it.”
The startup claims to currently have more than 2,000 centres educating around 10,000 students across the country. It further plans to establish 5,000 centres and enroll 40,000 children in the programme.
CueMath uses physical worksheets, quiz cards, along with other tablet-based content it develops in-house and targets students from lower kindergarten to Class 8. It operates on a micro-franchisee model where local tutors sign up with the company.
The firm is present in New Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, and Pune.
Prior to this, in August 2015 it raised an undisclosed amount from former Managing Director of Canaan Partners, Alok Mittal. Following that, it raised $4Mn in Series A round of funding from VC firm Sequoia Capital India with participation from existing investor Unitus Seed Fund.
Other startups working in this segment include Curiositi, Eckovation, MeritNation etc.
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