[Funding alert] Edtech startup Cuemath raises $5.5M in an extended Series B round
Bengaluru-based edtech startup Cuemath raised $5.5 million in its extended Series B funding roundled by Manta Ray Ventures Limited and saw participation from existing investors Capital G by Google and Sequoia India.
After leading the round, Manta Ray was offered 100 shares in equity at a premium of Rs 8,31, 935 per share. In the Series B2 compulsorily convertible preference shares (CCPS), Manta Ray was allotted 22,915 shares with the total premium amount rounding off to Rs 19,08,67,065.
(L-R) Anushray Gupta (CTO), Nikhil Pawar (Head of Curriculum), Manan Khurma (CEO), Akshay Kumar (COO)
Capital G International was allotted 9,907 Series B2 CCPS shares at a total premium of Rs 8,25,18,875. Sequoia-owned SCI Investments V was allotted 13,692 shares and the total premium was rounded off at Rs 11,40,45,466. While the startup hasn't spoken with the media on the funding, these numbers were recorded in the regulatory filings (RoC) with the Ministry of Corporate Affairs (MCA).
The fundraise comes after almost three years since its last round of $15 million from Capital G and Sequoia India, which was in January 2017. Although headquartered in Bengaluru, Cuemath has a strong presence in Delhi, Mumbai, Chennai, Pune, and Hyderabad.
Earlier, Cuemath raised $4.1 million in its Series A round of funding from Sequoia India in February 2015, and raised a Seed round in 2014 from Unitus Seed Fund and Alok Mittal, an early-stage investor and founder of Indifi.
"Cuemath takes math excellence to a wholly different level. Through its multi-format tech-enabled learning system, Cuemath ensures that children not only master math, but also fall in love with it,” said Manan Khurma, Founder and CEO, Cuemath.
Founded in 2013, Cuemath is an after-school math excellence programme for children between the KG and Standard 8 levels, and is offered through home-based centres, which are managed and run by trained and certified Cuemath Teachers.
The model is said to be more appealing because it is 'not a regular tuition', but an after-school math learning programme that has a three-pronged approach – School math, mental aptitude (verbal, non-verbal, logical and calculation skills), and creative reasoning (to develop out-of-the-box thinking).
(Edited by Megha Reddy)