Bengaluru-based classroom teaching app provider Teachmint has raised $78 million in a Series B financing round co-led by Rocketship.vc and Vulcan Capital, TechCrunch has reported.
Goodwater Capital, Epiq Capital and existing investors Learn Capital, CM Ventures, Lightspeed India and Better Capital also participated in the round.
Teachmint said it will use the funding to recruit talent across product, technology and design roles and will soon offer its employees its biggest stock buyback option.
The round values the 16-month-old ed tech company at $500 million. Teachmint has raised more than $115 million to date.
Mihir Gupta, co-founder and chief executive 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 K12 schools, coaching institutes, colleges, universities and even ed techs, we are disrupting technology penetration in education at an unprecedented pace. We are thrilled to welcome onboard Rocketship.vc and Vulcan Capital along with Goodwater Capital and Epiq Capital. We are also grateful to have the continuous support of our existing investors as we execute our vision at the global stage.”
In a statement Madhu Shalini Iyer, partner at Rocketship.vc, said: “Teachmint has addressed a latent technology problem in the education sector and are well-positioned to scale their offering globally. Strong leadership combined with the passion and conviction to solve this, makes us a strong believer. We are glad to be on this rocket-ship.”
Date published: 27 October 2021