[Funding alert] Teachmint raises $78 M in Series B round led by Rocketship.vc, Vulcan Capital
Education infrastructure startupon Monday announced that it has raised $78 million in Series B round led by Rocketship.vc and Vulcan Capital. This round also saw new investors, Goodwater Capital and Epiq Capital, pitch in.
Existing investors Learn Capital, CM Ventures, Lightspeed India and Better Capital continue to double down their investments in the fifth round raised by the company.
According to the press statement, Teachmint will use this fresh infusion of funds to further strengthen its proprietary classroom technology as well as to expand into international markets.
The company plans on doubling its workforce in the next six months and will also announce its largest ESOP buyback plan to reward and recognize the contributions of its team.
The new round brings the 16 month-old startup’s total fundraise to $118 million, making it the fastest such capital raise for an Indian startup in the education space. The ‘ed-infra’ startup has rapidly grown to a user-base of over 10 million users in India and aims to scale this to over 100 million users globally in the near term.
To achieve this, Teachmint will also extensively focus on growing its teams and hiring skilled talent, especially across product, technology, and design, the company stated.
Mihir Gupta, Co-founder and CEO at 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 K-12 schools, coaching institutes, colleges, universities and even EdTechs, we are disrupting technology penetration in education at an unprecedented pace," he said.
Madhu Shalini Iyer, Partner, Rocketship.vc commented, “Teachmint has addressed a latent technology problem in the education sector and is well-positioned to scale their offering globally. Strong leadership combined with the passion and conviction to solve this, makes us strong believers. We are glad to be on this rocket-ship.”
With adoption from 4,000+ educational institutes in India and multiple international edtech partnerships, Teachmint today is the only solution catering to end-to-end infrastructure needs of educators; from K-12 schools to after-school tutoring to universities and even edtechs.
Teachmint is also eyeing a few strategic acquisitions in the near term to strengthen its infrastructure offering. The company is actively looking for partnerships with players innovating in technology infrastructure across the education ecosystem and taking their products to larger scale through Teachmint’s platform.
Vivek Subramanian, Partner, Goodwater Capital said, “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. We are excited to be a part of this journey”
In July 2021, Teachmint raised $20 million in a Pre-Series B round led by Learn Capital with participation from CM Ventures. Just two months prior, in May 2021, the company raised $16.5 million in Series A funding led by Learn Capital with participation from CM Ventures, Lightspeed and Better Capital.