Funds will be deployed to help Cuemath expand to over 100 countries by FY’23
Edtech platform Cuemath has announced a fundraise of $57m in a round led by Abu Dhabi’s Alpha Wave. The valuation of the edtech start-up has doubled to USD 407 million (about Rs 3,155 crore), post the fresh fundraising, including all existing investors, including Light rock India, Sequoia Capital India, Alphabet independent growth fund CapitalG, Manta-Ray, and Unitus. The company had raised USD 20 million at a valuation of USD 200 million in 2020. The funds will fuel strengthening product-pedagogy outcomes, growth initiatives, acquisition, and partnerships, and catalyze efforts to build a strong global maths brand.
In June 2021, Cuemath was in talks with investors to raise around $100 million and had said that it would touch a valuation of $1 billion by the end of the previous fiscal year. However, the deal did not go through.
Founded in 2013 by Manan Khurma, Cuemath is an after-school online math tutoring platform for kindergarten to 12th-grade students. The company has over 10,000 tutors and more than 200,000 students on the platform. It recently appointed food delivery app Swiggy’s former chief operating officer Vivek Sunder as its chief executive.
The online math tutoring platform said it will use the funds for strengthening product-pedagogy outcomes, hypergrowth initiatives, acquisition, and partnerships, and catalyze its efforts to build a strong global math brand. This plan includes bolstering its presence in North America, APAC, the UK, Europe, Middle East and capturing markets in Africa and South America. Cuemath maintains a presence in more than 70 countries.
“Cuemath’s latest fundraise is a significant feat given the present industry trends. Valuations have become more realistic with rationalization hitting the market; only those growth-stage start-ups with solid business fundamentals can now establish trust with VCs. Product innovation and personalization coupled with a low Capex model augmented our global scale-up and beefed our conversion rates by 3 times,” Cuemath CEO Vivek Sunder said.
“Cuemath has shown promising growth since the last funding. Product innovation and personalization coupled with a low Capex model augmented our global scale-up and beefed our conversion rates by 3X.
Earlier this year, Cuemath announced its expansion into Saudi Arabia, after the company’s launch and growth in the UAE and expansion into Qatar.
