Marking its first buyout, venture capital (VC)-backed Teachmint, an education infrastructure startup, on Wednesday announced the acquisition of Teachmore, a course-selling platform which enables teachers to sell educational products like online courses, live classes, quizzes and more, through their own apps and websites.
“This cash plus stock deal marks Teachmint’s first acquisition, coming at the heels of its latest Series B fundraise of $78 million, in 18 months since inception,” the company said in a statement.
Post the acquisition, Teachmore product will continue to operate independently, while also integrating on the Teachmint platform to deepen the company’s business support layer for their teachers, it added.
Teachmint Technologies Pvt Ltd runs with a focus on tutor-student connectivity, with mobile-first and video-first teaching platforms that help teachers to digitise their classrooms. It has more than 10 lakh teachers on its platform, and is being used in over 5000 cities and towns in the country. Other than English, it is also available in 15+ Indian and global languages.
The Bengaluru-based startup is backed by investors such as Rocketship.vc, Vulcan Capital, Learn Capital, Goodwater Capital, Epiq Capital, CM Ventures, Lightspeed India, Better Capital and Titan Capital. Its latest fund raise was in October, when it raised $78 million. In July, Teachmint had raised $20 million (Rs 149.4 crore) in a pre-Series B funding round led by global edtech-focused VC firm Learn Capital.
To date, the company has raised $118 million.
The acquisition is in line with Teachmint’s goal of empowering educators across the globe with world-class infrastructure which helps them digitise their classrooms and become future-ready. With Teachmore onboard, Teachmint will further expand its ed-infra offerings to enable teachers, freelancers and creators to build a global teaching business by sharing their knowledge and passion with ease, the statement said.
Mihir Gupta, CEO & Co-Founder, Teachmint, said, “We met Harshal Bhakta and Deep Shah just a few weeks back, and instantly connected with their passion to help teachers. With our platform reaching 1+ million educators across 25 countries, we are excited about the immense growth and monetisation opportunities we can offer them.”
Teachmore was founded in 2017 by Bhakta and Shah as an all-in-one platform for teachers and creators to launch and sell courses in various formats through their own apps and websites, the statement said.
The platform enables teachers and creators to capture their knowledge and productise it effectively with just a few clicks and no code. From K-12 and competitive exams to music, trading, wellness and cooking academies, teachers pan India have leveraged the Teachmore platform to grow their education business exponentially by selling courses across the world, the statement said.
“We share a common set of values with Teachmint, especially towards empowering the teacher community, and we are thrilled to join hands with them. Harshal and I have been building educational products for the past 10 years with a focus on solving problems for teachers and coming together with Teachmint will help us serve this community even better,” said Shah.
Teachmint was founded in May 2020 by Mihir Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar - alumni of IIT Bombay and IIT Delhi with executive experience at OYO, McKinsey, Swiggy and Roposo.
Teachmore's integration helps add to the suite of education-infra products that Teachmint has been offering, including Teachmint’s mobile teaching app, Teachmint for Institute and Teachmint for developers.
The app has 10 million users, 4,000 plus educational institutes and multiple international edtech partnerships.
Last month, Teachmint announced a plan to enable its employees liquidate their vested ESOPs (employee stock ownership plans) against cash at any point of time over the span of a year.
