Bangalore, India-based Math tutoring startup Cuemath raised USD 57 million in a fresh funding round. The U.S-based Alpha Wave Global led the funding on June 1, 2022.
Besides, the round saw participation from existing investors, including Lightrock India, Sequoia Capital India, Alphabet’s independent growth fund CapitalG, Manta Ray, and Unitus.
Meanwhile, the valuation of the edtech startup now stands at USD 407 million. Since its last funding round in December, the valuation for the firm has doubled.
Purpose of Funding for Cuemath
The startup plans to use the latest capital to strengthen its product outcomes and look for growth initiatives. Cuemath also eyes acquisitions, partnerships and global expansion.
At present, the math tutoring platform has operations in more than 70 countries. However, it has plans to expand to over 100 countries by the end of the fiscal year. This plan includes bolstering its presence in countries such as North America, APAC, the UK, Europe, and the Middle East and capturing markets in Africa and South America.
What the officials have to say
“Cuemath’s latest fundraise is a significant feat given the present industry trends. Valuations have become more realistic with rationalisation hitting the market; only those growth-stage startups with solid business fundamentals can now establish trust with VCs. Therefore, this substantial inbound interest from all our existing investors validates Cuemath as a knowledge expert in the global after-school math tutoring market and signals acknowledgement of the developments over the past few quarters,” said Vivek Sunder, CEO of Cuemath.
“In every Cuemath class, the student experiences a powerful and personalised combination of a highly visual math curriculum delivered by a rigorously trained, caring teacher. This has enabled Cuemath to have one of the best retention rates in the industry (80%), with half of all new admissions happening via referrals. These industry-leading metrics encouraged all our investment partners to support us yet again in our global math mission,” said Manan Khurma, founder & chairman of Cuemath.
What the investor has to say
“Cuemath’s ability to successfully deliver outstanding learning outcomes through its proprietary platform and top-tier pedagogy has continued to impress us. Not only in India, its success in key international markets like the US, UK, Middle East, and Singapore, while maintaining high-quality unit economics differentiates the company in a competitive and dynamic edtech market,” said Anirudh Singh, MD at Alpha Wave Global.
About Cuemath
Manan Khurma founded Cuemath in 2013. The platform serves as an after-school online math tutoring platform for kindergarten to 12th-grade students. The company has more than 10,000 tutors and over 200,000 students. The math tutoring startup’s vision is to become the number one maths teaching platform globally. Besides, its mission is to create the next generation of invincible problem solvers.
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