Bengaluru-based online maths learning company Cuemath has closed a $40 million Series C funding round led by Lightstone Aspada and Alpha Wave Incubation, with participation from existing investors Sequoia Capital India, CapitalG (formerly Google Capital) and Manta Ray.
Cuemath’s students are given personal attention by a teacher based in India, with real-time intervention and a maximum of six students to each digital classroom.
Manan Khurma, founder and chief executive of Cuemath said: “Globally, education is undergoing a massive transformation, driven by digital formats allowing students to leverage best practices from anywhere in the world. Today, just the online math tutoring space is a $30 billion global market. But brick-and-mortar stores are not able to adapt and scale fast enough as they rely on teaching techniques that are generations old.
“Cuemath’s proprietary methodology challenges the old-school practices. We treat math not just as a subject, but a life skill, with our sessions designed to impact students’ logical reasoning abilities. This fundraise gives us the opportunity to further build our technology while expanding our base to deliver the Cuemath advantage to millions of students worldwide.”
Divya Venkatavaraghavan, principal of LGT Lightstone Aspada, said: “The future of education and work lies in building and strengthening 21st century life skills among learners. By unbundling math using a smart interface, trained and empathetic tutors and a unique pedagogy, Cuemath demonstrates tremendous potential to achieve its global ambition to scale the love for math, an essential life skill, among learners. We look forward to partnering with the inspiring leadership at Cuemath on this growth journey.”
Anirudh Singh, managing director, Alpha Wave Incubation, added: “Online math tutoring has proven to be a global market opportunity. We were very impressed by Cuemath’s ability to successfully deliver top-tier learning outcomes through its technology platform and gamification-driven pedagogy. Its success in India and the US, while maintaining high quality unit economics differentiates the company and proves Cuemath’s ability to tap into the massive global market opportunity.”
Date published: 9 February 2021