[Funding Alert] Teachmint raises $3.5M from Lightspeed India, existing investors
Teachmint, the live online teaching platform, has raised $3.5 million seed funding led by Lightspeed India. Existing investors Better Capital and Titan Capital also participated in this funding round. Teachmint had raised its first round of funding in August 2020.
This funding round will be used to build Teachmint's product suite, introduce additional offerings, and increase geographic reach to more tutors.
Mihir Gupta, Co-founder and CEO at Teachmint, said in a press statement shared by the company,
“Teachers are at the centre of a great education experience, and this is what will truly unleash the power of edtech. Our mission is to enable millions of outstanding tutors in India to take their classes online by leveraging Teachmint as their tech backbone. We are thrilled to partner with Lightspeed and our existing investors to continue to ramp up access for tutors across the country and beyond”.
Founded in May 2020, the platform helps offline tutors digitise their classrooms, engage online with students, and reach a wider base. Teachmint is a mobile-first, video-first product. It helps in easy content delivery, business workflow tools, engagement and evaluation models.
The press statement shared by the company said within five months of its launch, Teachmint now has more than 120,000 tutors across 1,000+ cities and towns using its platform, despite negligible marketing spends.
Teachmint was founded by Mihir, Payoj Jain, Divyansh Bordia, and Anshuman Kumar — alumni of IIT Bombay, IIT Delhi with executive experience at OYO, McKinsey, Swiggy, and Roposo.
Harsha Kumar, Partner at Lightspeed India, said in the press statement, “India’s tutoring and coaching market is estimated to be over $25 billion, is fragmented into millions of tutors and coaching centres, and Teachmint is ideally placed to not just enable this market but potentially expand it further. We are very excited to partner with the team who from day one have demonstrated product-first thinking and deep market understanding”.
The platform focuses on regional customisation and is available in 10 languages other than English. The platform has uniform adoption across the country, with the user base stretching from Srinagar to Port Blair.
Vaibhav Domkundwar of Better Capital, an early backer of Teachmint who has invested in this round as well, added, “We invested in the founding stage of Teachmint based on a deep alignment with the founders’ vision and I have been impressed with pace at which the team has executed and the market pull Teachmint has experienced from tutors across India and Bharat.”
Edited by Kanishk Singh