Ed-tech start-up Teachmint has raised $78 million in fresh funding, led by new investors Rocketship.vc and Vulcan Capital. The investment values the 16-month old start-up at $500 million, sources close to the company have said. The series B financial round also has also seen Goodwater Capital and Epiq Capital joining the firm’s cap table. A clutch of existing investors including Learn Capital, CM Ventures, Lightspeed India and Better Capital also backed the round.
Founded in May 2020 by Mihir Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar, the start-up has now bagged a total of $118 million in funding—joining a rare breed of start-ups to have amassed over $100 million in capital in such a short span of time. The company had collectively raised about $36.5 million from investors across two separate funding rounds through May-July.
Bengaluru-based Teachmint deploys a proprietary classroom technology, wherein it taps into its own digital and video capabilities, enabling teachers to conduct live online classes through its platform. Teachers can conduct online tests, create doubt rooms, use digital whiteboards, automate attendance, and collect fees through the platform. To broaden its accessibility, the Teachmint platform is available in 11 local languages. The company claims that over 10 million teachers and students across more than 5,000 cities and towns have signed up for its platform.
Teachmint will use the fresh capital to build on its proprietary classroom technology and expand into international markets. The start-up has said that it aims to widen its base to over 100 million users globally in the near term. The company plans on doubling its workforce in the next six months and will announce its largest ESOP buyback plan to reward and recognise the contributions of its team.
Teachmint is also eyeing a few strategic acquisitions to strengthen its infrastructure offering. The company has told that it is actively looking for partnerships with players innovating in technology infrastructure across the education ecosystem. Of late, the firm has expanded its ed-infra offerings with products like Teachmint for Institute and Education Video-as-a-Service.
“Since inception, we have been laser-focused on addressing the big technology-infrastructure gap that exists in education. From supporting individual teachers to powering K-12 schools, coaching institutes, colleges, universities and even EdTechs, we are disrupting technology penetration in education at an unprecedented pace,” says co-founder & CEO Mihir Gupta.