SaaS-based Edtech startup Teachmint has raised $78 million in its Series B round led by Rocketship.vc and Vulcan Capital. New investors Goodwater Capital, Epiq Capital, and existing investors Learn Capital, CM Ventures, Lightspeed India, and Better Capital also participated in the round.
With the raised investment, the company plans to expand its services globally and also looks forward to doubling the company’s workforce in the coming 6 months.
This round has helped Teachmint to become one of the fastest edtech startups to have raised $100 million and achieved the feat of becoming the sixth most valued ed-tech startup after Byju’s, Unacademy, Eruditus, upGrad and Vedantu.
As per regulatory filings of Teachmint, the California based Rocketship.vc will be pumping in INR 260 Cr for 20,886 Series B compulsory convertible preference shares. On the other hand, Goodwater Capital and Epiq Capital will be investing INR 137 Cr and INR 40 Cr respectively.
The start-ups existing investors like Lightspeed India Partners and Learn Capital will be infusing INR 7 Cr and INR 37 Cr respectively. And another investor MV Opportunities India Limited will be investing INR 40 Cr.
This round comes three months after Teachmint invested $ 20 Mn in its pre-series B-led round by Learn Capital with the participation from CM Ventures. Furthermore, in May this year, it raised its Series A of $ 16.5 Mn from Learn Capital, Lightspeed and Better Capital.
Launched in 2020 by Mihir Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar. The mobile and video-first teaching platform is built to assist teachers to digitise their classrooms. The startup claims it supports infrastructure to more than 4,000 institutes in India along with several large partnerships globally.
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.”
Madhu Shalini Iyer, Partner at Rocketship.vc, said, “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.”
Vivek Subramanian, Partner at 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.”