Teachmint Technologies Pvt Ltd has raised $3.5 million (Rs 26 crore) in a seed funding round.
The round in Bengaluru-based Teachmint was led by Lightspeed India along with participation from existing investors including Better Capital and Titan Capital; the latter was set up by Snapdeal co-founders Kunal Bahl and Rohit Bansal.
This is the second time Teachmint has raised funding in as many months. In August, it raised an undisclosed sum from Better Capital and Titan Capital.
Teachmint – launched in May this year – was set up by Mihir Gupta, Payoj Jain, Divyansh Barodia, and Anshuman Kumar. The four were previously associated with firms and startups including McKinsey, Roposo, Open, OYO, and Swiggy.
The company says it allows offline tutors to digitise their classrooms. It provides them with tools to deliver effective learning outcomes for both parents and students.
It also operates a mobile-first video application that provides features such as a business management workflow for attendance, tests, and content creation.
The firm will use the capital for building out its product suite, as well as introducing additional offerings and increasing its geographic reach.
It currently claims that its platform is being used by over 1.2 lakh tutors across more than 1,000 cities and towns.
“India’s tutoring and coaching market is estimated to be over $25 billion, fragmented into millions of tutors and coaching centres, and Teachmint is ideally placed to not just enable this market but potentially expand it further,” Lightspeed India partner Harsha Kumar said.
Deals in ed-tech
Some of the biggest names in India’s ed-tech space – Byju’s, Unacademy, Toppr and Vedantu – continue to raise capital and have started making acquisitions.
Early and mid-stage funding deals in the space have continued at a fast pace.
Earlier this month, Ahaguru Education Technology Pvt. Ltd said it has raised a Series A fundraising round led by the family office of Mahindra Group chairman Anand Mahindra.
Also this month, VCCircle reported that Sanjeev Aggarwal, the chief executive officer of rooftop solar developer Amplus Solar, was in talks to invest in a digital learning startup.
Separately, quiz-based platform Genius Teacher raised $2 million (around Rs 14.7 crore) in angel funding.
In August, business-to-business (B2B) edtech firm LEAD School raised $28 million (around Rs 210 crore) in a Series C round that was led by WestBridge Capital. Existing investor Elevar Equity also participated in that round.