Edtech startup Teachmint has raised Rs 122.eight crore or $16.5 million in its Collection A spherical from new and present buyers. That is the third spherical for the Bengaluru-based startup which was launched precisely a 12 months in the past.
Teachmint has permitted the allotment of 63,551 Collection A choice shares at Rs 19,321.91 to boost Rs 122.eight crore, regulatory filings present. California-based early-stage enterprise capital agency Study Capital has led the spherical with an funding of Rs 78.54 crore or $12 million.
Present backers Lightspeed India and Higher Capital have infused Rs 22.85 crore and Rs Three crore respectively. MV Alternative Fund and AngelList have invested round Rs 13.5 crore and Rs Three crore respectively.
The contemporary spherical takes the overall funding in Teachmint to $20 million. In August 2020, it had raised an undisclosed spherical adopted by a $3.5 million seed spherical led by Lightspeed in October.
In keeping with Fintrackr’s estimates, Teachmint has reached a post-money valuation of $65-70 million.
Floated by Mihir Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar, Teachmint helps offline tutors digitise their school rooms, interact on-line with college students, and attain a wider base. In keeping with the corporate’s web site, it has over 500,000 tutors throughout greater than 1,200 cities and cities utilizing its platform.
Since its inception, the corporate claims to have digitised round 550,000 school rooms.
In keeping with Fintrackr, the corporate’s shareholding construction is led by the founders who collectively maintain 43.05% stake within the firm. Lightspeed emerged as the biggest shareholder amongst buyers with an 18% stake adopted by the lead investor within the present spherical Study capital, which now holds a 17.5% stake.
After the contemporary allotment of shares, AngelList has round 7.36% stake whereas Higher Capital has lower than 1% fairness stake within the firm. It has additionally stored 5.94% stake beneath the corporate’s ESOP pool.
Near 100 edtech startups had raised funds in 2020 and the continued 12 months has already seen some huge rounds within the section. Byju’s has raised $1.5 billion in a number of tranches, whereas upGrad and Lead Faculty have closed their $120 million and $30 million rounds.
Additionally, Unacademy is all set to attain a brand new spherical at the next valuation. In keeping with Entrackr’s sources, the Gaurav Munjal-led firm is in talks with SoftBank and others to boost contemporary financing at a valuation of $Three billion.