CueMath, one of India’s rising edutech startups, has just raised $40 Mn in a series C funding round. This comes on the top of the extended series B round worth $5.5 Mn that took place in December last year.
However, the Bengaluru based startup’s valuation continues to hover around the lower benchmark, with reports claiming that the current round valuing the company around $170 Mn.
CueMath claims that it has so far conducted roughly 25 Mn classes for over roughly 100,000 students in the country.
The startup also claims that it has grown exponentially over last 6 months, benefiting from the Covid – 19 lockdown.
CueMath basically offers online math classes by leveraging some unique methods like interactive math worksheets, Math Olympiad and Maths tips & tricks.
Who are CueMaths Competitors?
Among the above-mentioned competitors, Byju’s, Vedantu and Topprs are big players and also cater to other subjects while Maths subject remains one of its primary focuses.
Overall, India’s online education market has been on a fire with nationwide lockdown shifting the academical education from offline to online. Although industry experts argue that online classes can never really substitute offline learning, they agree that online classes will still continue to grow.
Commenting on COVID19 lockdown’s positive impact on the edutech industry, Hari Krishnan Nair, Co-founder, Great Learning, said “COVID19 acted as a catalyst in making continuous learning a habit among students and professionals, leading to the rapid growth of the ed-tech industry as a whole. 2021 is all set to witness a similar spike if not a drastic shift in the minds of young professionals wanting to create a great impact in what they do- apart from just working for a living.”
He further added “With shortening technology cycles, stackable learning will be the future where professionals will pick up skills as per requirement at different stages of their professional life instead of trying to learn all of them together in the beginning of their careers. To power ahead in their careers, they will need to keep repeating the cycle – learn, execute, repeat.”
India’s Edutech Market Size in Numbers
Data sourced from Reseer Consulting and INC42 data lab