Teachmint, a software platform for schools and educational institutions to teach online, said on October 25 that it had raised $78 million in a Series B funding round led by Rocketship.vc and Vulcan Capital.
The round valued the ed-tech startup at $500 million. This round also saw Goodwater Capital, Epiq Capital, and existing investors Learn Capital, CM Ventures, Lightspeed India, and Better Capital participation.
Sixteen-month-old Teachmint, founded by Mihir Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar, has capitalized on the online education boom during the pandemic and has raised $116 million since inception.
“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,” said CEO Mihir Gupta
“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,” Gupta added.
The company plans on doubling its workforce in the next six months and will announce its ESOP buyback plan to reward and recognize the contributions of its team.
To date, the company has raised $118 million. It will use this fresh infusion of funds to strengthen its proprietary classroom technology further and expand into international markets.
The startup said it has grown to over 10 million users in India and aims to scale this to over 100 million users globally in the near term.
As schools and colleges slowly open up in India, these institutions are still counting on a hybrid model in the future. Online classes could be a permanent fixture in some parts, increasing the opportunity for companies such as Teachmint.
“Teachmint has differentiated itself with a focus on building an integrated classroom toolkit that is mobile-first and video-first. They are already among the fastest-growing ed-tech companies and have the potential to make a lasting impact on how education is delivered and consumed globally,” said Vivek Subramanian, partner at Goodwater Capital.