Education infrastructure startup Teachmint announced on Monday that it has raised $78 million in Series B round led by Rocketship.vc and Vulcan Capital. New investors such as Goodwater Capital and Epiq Capital also joined existing investors such as Learn Capital, CM Ventures, Lightspeed India and Better Capital in this round. The latest fundraising takes the 16-month old startup’s raise to $118 million.
The startup stated that it will use the funds to strengthen its proprietary classroom technology and also to expand to international markets. The ed-infra startup has a user base of over 10 million in India and has plans to scale this to over 100 million users globally in the near term.
Teachmint aims to grow its teams and hire skilled talent across product, technology and design. It wants to double its workforce in the next six months, and stated that it will announce its ESOP buyback plan to reward and recognise the contributions of the team.
“Over the past 16 months, we have been humbled by the experience of powering the teaching and learning infrastructure for millions of teachers and students across India. 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,” stated Mihir Gupta, co-founder and CEO at Teachmint.
Apart from its mobile-first teaching platform, Teachmint has also expanded its ed-infra offering with products such as Teachmint for Institute and Education Video-as-a-Service. It is also eyeing a few strategic acquisitions in the near term. Teachmint is looking for partnerships with players innovating in tech infrastructure in the education ecosystem.
Founded in May 2020 by Mihir Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar, Teachmint aims to reimagine the infrastructure for education through their proprietary classroom technology. The platform is available in 11 vernacular languages including Hindi, Telugu, Tamil and Punjabi.
In May 2021, Teachmint raised $16.5 million in Series A funding led by Learn Capital with participation from CM Ventures, Lightspeed and Better Capital, followed by $20 million in a Pre-Series B round led by Learn Capital with participation from CM Ventures in July 2021.
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