Cuemath eyes new funding, $1B valuation
Cuemath, a homegrown online education platform is looking to raise a minimum of $100 million in a new funding round this year, its chief executive said. The company is targeting a valuation of $1 billion by the end of 2022.
Edtech companies have observed an increase in the use of their products and services during the last year as more and more people have shifted to remote learning due to the pandemic.
Chief Executive and Founder Manan Khurma said Bengaluru-based Cuemath is anticipating closing a Series D funding round of at least $100 million by December, which would be utilized to support growth plans, including takeovers of other platforms.
“We have interest coming in from across the globe,” he said, adding that the process would start in about three months.
The fresh capital comes after the $40 million the company raised last February in a Series C round, which included investments from Lightstone Aspada and Alpha Wave Incubation, Sequoia Capital India, Manta Ray, and Alphabet Inc’s independent growth fund CapitalG.
As per its existing growth trajectory, Cuemath was on the path to be valued at $1 billion in the next 12-18 months, Khurma said, without revealing the company’s current valuation.
Founded in 2013, Cuemath is aiming to have between 500,000 to 1 million students registered on its math and coding platform across 50 countries by March 2022. So far, it has taught 200,000 students in over 20 countries.
The company, whose primary markets are India and the United States, is formally extending operations in the United Arab Emirates after 25,000 students there signed up during a soft launch earlier this year.
It is also looking at expanding into Singapore, Australia, and New Zealand, Khurma stated.
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