Google-backed on line maths studying startup Cuemath has raised $40 million in Series C funding. The round was led by LGT Lightstone Aspada and the Alpha Wave Incubation Fund managed by New York-primarily based Falcon Edge Capital Capital. Existing investors Manta Ray Ventures, Sequoia, and Google’s development fund CapitalG also participated in the round, according to the regulatory documents sourced from enterprise intelligence platform Tofler. The corporation had issued 1,44,618 shares at Rs 20,518 each and every. Founded in 2013, the startup has so far raised $24.5 million, according to deal tracker Crunchbase. The startup, prior to the present round and as of September 30, 2020, was valued at almost $96 million, according to the regulatory documents.
Along with on line math studying for students in grades 1 to 10, Cuemath also delivers on line coding classes and competes with big horizontal incumbents like Byju’s, Toppr, and so forth for maths studying. The year 2020 has confirmed to be a godsend for edtech startups in India that have been increasing at a fairly slower pace than in the previous seven-eight months as physical offline coaching was halted amid Covid scare. Byju’s, Toppr, Unacademy, and a lot of far more have been in a position to raise millions of dollars like in no way just before and acquired students who have been pushed to digital studying due to the pandemic.
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India’s on line education marketplace, which stood at $250 million back in 2016, is most likely to be worth $1.96 billion, as per Statista. The marketplace is additional searching up on the back of development in greater education and lifelong studying segments. The total addressable markets for the two segments are most likely to develop from $400 million and $one hundred million in FY20 to $3.6 billion and $1.2 billion respectively in FY25, according to information from RedSeer. The combined development in two places is stipulated to be about 10X to about $5 billion.
The development in edtech segment also comes amid the newly unveiled National Education Policy 2020 that focused on ending “the fragmentation of higher education by transforming higher education institutions into large multidisciplinary universities, colleges, and HEI clusters/Knowledge Hubs, each of which will aim to have 3,000 or more students,” according to the policy document. The government had mentioned that the structure and lengths of degree programmes will be adjusted accordingly, for instance, the undergraduate degree will be of either 3 or 4-year duration, with several exit choices inside this period, with acceptable certifications.