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Teachmint funding

teachmint

Bengaluru-based etech startup Teachmint announced that it has raised Rs 122.8 crore or $16.5 million in its Series A round from new and existing investors. This marks the third round for the startup which was launched a year ago.

Teachmint has confirmed the allotment of 63,551 Series A preference shares at Rs 19,321.91 to raise Rs 122.8 crore, regulatory filings reveal. The round was led by California-based early-stage venture capital firm Learn Capital with an investment of Rs 78.54 crore.

Existing investors Lightspeed India and Better Capital have invested Rs 22.85 crore and Rs 3 crore respectively. MV Opportunity Fund and AngelList have invested about Rs 13.5 crore and Rs 3 crore respectively.

The latest round takes the aggregate investment in Teachmint to $20 million. In August 2020, it had raised an undisclosed amount followed by a $3.5 million seed round led by Lightspeed in October.

Founded by Mihir Gupta, Payoj Jain, Divyansh Bordia, and Anshuman Kumar, Teachmint assists offline tutors to digitize their classrooms, interact online with students, and reach a broader base. The company’s website claims that it has more than 500,000 tutors across 1,200+ cities and towns employing its platform. 

Since its launch, the company claims to have digitized about 550,000 classrooms.

The company’s shareholding structure is led by the founders who jointly hold a 43.05% stake in the company. Lightspeed surfaced as the largest shareholder among investors with an 18% stake followed by the lead investor in the recent round Learn capital, which now holds a 17.5% stake.

Following the fresh allotment of shares, AngelList has about 7.36% stake whereas Better Capital has under 1% equity stake in the company. It has also kept a 5.94% stake under the company’s ESOP provisions.

With the demand for online learning platforms increasing, edtech startups like Teachmint have a huge growth opportunity. The freshly raised funds will help the startup in competing with its rivals.

Shishir Gupta, Founder and CEO, StartupLanes

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