Bengaluru-based B2B edtech startup Teachmint has raised USD 16.5 million in Series A round led by Learn Capital. Moscow-based CM Ventures, and existing backers Lightspeed and Better Capital also participated in the round, the company said in a statement.
Founded by Mihir Gupta, Payoj Jain, Divyansh Bordia, and Anshuman Kumar in May 2020, when India was still under lockdown to prevent the spread of COVID-19, Teachmint has developed a mobile- and video-first software-as-a-service platform that enables tutors to digitize their classrooms. It allows them to give live lectures, engage with students, and evaluate them, among other things. Simply put, it offers end-to-end digitization of live classes, AI-powered automated assessments, administrative tools, and fee collection.
This is Teachmint’s third round of investment within 10 months of its launch, which makes it the fastest edtech startup in India to raise more than USD 20 million. Prior to this, Teachmint raised USD 3.5 million seed round in October 2020, two months after landing its first round.
The edtech innovator plans to use these funds for hiring top talent, research and development on teaching technology, strategic acquisitions, and further market expansion.
Teachmint claims to have over 700,000 teachers, private tutors, tuition center operators, and freelance educators across the country on its platform. It said these tutors have reach in over 1,500 cities and towns. Since around 80% of secondary-level students study in their local language, Teachmint has made regional customization with its platform and is available in 10 Indian languages other than English, the company said.
The year-old company competes with startups like Teacherr, ODA Class, eduZilla, SkoolApp, and Classplus among others.
This is the first major lead investment in an Indian company by California-headquartered Learn Capital, which primarily invests in edtech companies across the globe. The VC firm counts edtech giants like Coursera, Udemy, and Brainly, along with other 50 companies as its portfolio.
“We started Teachmint to address the big technology-infrastructure gap in teaching and learning. Through Teachmint, existing teachers have adopted technology to significantly increase their teaching efficiency, reduce costs and increase their student base,” said Mihir Gupta, co-founder & CEO at Teachmint. In addition to assisting existing teachers, Teachmint also supports people who want to create teaching business from scratch.
Vinit Sukhija, partner at Learn Capital said when the team met with Teachmint’s co-founders several months ago, they realized its potential.
“Their collective team had meticulously architected an end-to-end, multi-modal, and best-in-class solution enabling teachers in India to instantly and seamlessly digitize their classrooms,” he said. “Now with over 700,000 teachers, Teachmint has become India’s leading online teaching platform.”