Teachmint, a software platform for schools and educational organisations to teach online, announced on October 25 that it has raised $78 million in a Series B funding round begun by Rocketship.vc and Vulcan Capital. New investors Goodwater Capital, Epiq Capital and current backers LearnCM Ventures, Lightspeed India, and Better Capital also funded the firm.
Sixteen-month-old Teachmint, established by Mihir Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar has capitalised on the online education inflation during the pandemic and has raised $116 million since the beginning, and was valued at $500 million in the present round.
The startup declared it has over 10 million teachers and students from over 5,000 cities and towns in India, working with schools, individual educators, offline coaching classes, colleges and universities to provide an online knowledge infrastructure.
“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,” CEO Gupta said.
As schools and colleges moderately open up in India, these institutions are still counting on a hybrid model moving forward, and online classes could be a permanent fixture in some parts, extending 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,” stated Vivek Subramanian, partner at Goodwater Capital.
Founded in 2020 with a base in Bengaluru, Teachmint is empowering teachers by providing them easy to use teaching app. The startup is mainly focused on “Mobile First, Video First” online solutions. With few taps, online tutors can create their own virtual classroom space.
The startup provides online classroom space, attendance, assigning tasks and follow-ups, and fee collection are some of the major features included in teacher’s private virtual space.
The startup was founded by Mihir Gupta, Payoj Jain, Divyansh Bordia, and Anshuman Kumar. Currently, Mihir Gupta is handling the CEO position in the firm, while, Bordia is the COO of the growing startup. Kumar takes care of the technical aspects of the firm.
Before the pandemic, Teachmint used to be an offline coaching institute. During the pandemic of 2020, the institute developed an online platform for teachers. As per Teachmint claim, it got 4x growth in its teaching business within 8 weeks of launching the Teachmint app.