New Delhi-based Cue Learn Pvt Ltd, which provides after-school tutoring in Mathematics and English subjects through CueLearn, has raised an undisclosed amount in angel funding led by Canaan Partners' former managing director Alok Mittal.
The startup will use the capital to reach 25,000 teachers and half a million students within three years, as per a press statement.
“I am excited about the after-school learning space in India as the opportunity is immense, with no real market leaders at present," said Mittal.
“CueLearn's approach to this problem is a business model that is asset light and extremely scalable, while ensuring high-quality academic delivery. I think the CueLearn team has the strength to execute and I am keen to support them in this endeavour," he added.
CueLearn, which was founded in 2013 by the father-son duo of Jagjit Khurma and Manan Khurma. It focuses on providing after-school learning using a combination of paper-based worksheets, tablet-based interactive learning technology and skilled instructors. It deploys women and senior citizens to deliver the programmes. CueLearn centres are small, home-based setups, with eight students in each session.
In December 2014, the company raised capital from Unitus Seed Fund, a Bangalore and Seattle-based investment fund.
CueLearn has on-boarded 200 teachers to its network in the past 18 months. The company claims that a teacher can earn about 20,000 per month for a few hours of weekly teaching through CueLearn.
Interestingly, math learning accounts for maximum spend on after-school learning in India. CueLearn aims to targets this segment of the country's $5 billion after-school learning market, as per the statement.
The market is currently serviced by fragmented operators, except for a few organised players like Kumon, which is the world’s largest after-school learning programme, CueLearn said.
Mittal was MD of Canaan Partners India for nine years till March this year. During this period, he spearheaded the VC funds' investments in Bharatmatrimony, Indiaproperty, Equitas Microfinance, Surewaves, Happiest Minds, Cartrade, mCarbon, Unitedlex, iYogi, Naaptol, Cellcast, Chakpak and Techtribe.
An active angel investor, Mittal is also founding board member of the Indian Angel Network.