India's largest online teaching platform Teachmint has raised $78 million in its Series B funding round led by Rocketship.vc and Vulcan Capital.
The round was also joined by new investors Goodwater Capital, Epiq Capital, and existing investors Learn Capital, CM Ventures, Lightspeed India, and Better Capital.
According to a press statement, the company plans to use the fresh funds to further strengthen its proprietary classroom technology as well as to expand into international markets. It also plans on doubling its workforce in the next six months and will announce its largest ESOP buyback plan to reward and recognize the contributions of its team.
Founded in 2020 by Mihir Gupta, Payoj Jain, Divyansh Bordia, and Anshuman Kumar, Teachmint is a video-first teaching platform that provides a tutor management software platform. It offers features such as virtual classrooms with assignment and notes sharing, administration management, students information management, and progress tracking, etc.
With Teachmint, teachers can also create public links of their classrooms and share them on Facebook and other platforms to create additional distribution channels. Students also don’t need to jot down the entire session. The platform delivers the notes that teachers go through during their classes in real-time with students.
Speaking about the company, Mihir Gupta, Co-founder and CEO of Teachmint, said,
"Since inception, we have been laser-focused on addressing the big technology-infrastructure gap that exists in education. 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."
With adoption from more than 4,000 educational institutes in India and multiple international EdTech partnerships, the company's sole aim is to significantly increase teaching efficiency, reduce costs and increase the student base for existing teachers. Teachmint is supporting new individuals to create teaching businesses from scratch across domains like K-12 tutoring, test prep, and extra-curricular learning.
Commenting on the investment, Madhu Shalini Iyer, Partner at Rocketship.vc said,
"Teachmint has addressed a latent technology problem in the education sector and is well-positioned to scale their offering globally. Strong leadership combined with the passion and conviction to solve this, makes us strong believers. We are glad to be on this rocket-ship."
Teachmint is keeping an eye on a few strategic acquisitions in the near term to strengthen its infrastructure offering. The Bengaluru-based startup is also looking for partnerships with players innovating in technology infrastructure across the education ecosystem and taking their products to a larger scale through Teachmint’s platform.
Earlier this month, the company had announced a partnership with Kuala Lumpur-based EdTech startup Pandai to deliver classroom solutions to over 5 million students in Malaysia through Teachmint's live class technology.
In July 2021, Teachmint had raised $20 million in its Pre-series B funding round led by Learn Capital with participation from CM Ventures. Prior to that, the LIVE online teaching platform had raised $16.5 million in May this year as a part of its Series A funding round from Learn Capital, CM Ventures, and existing investors Lightspeed India Partners and Better Capital. The startup's latest funding brings its total fundraise to $118 million, making it the fastest such capital raise for an Indian startup in the education space.