Edtech startup Cuemath raises $57 million in its fresh funding round led by Alpha Wave
- ByStartupStory | June 2, 2022
Cuemath, an ed-tech business, has secured $57 million (about Rs 442 crore) in a new fundraising round led by Alpha Wave, the company said on Wednesday. Following the new funding, the ed-tech startup’s valuation has more than quadrupled to $407 million (about Rs 3,155 crore). In 2020, the firm raised $20 million at a valuation of $200 million.
The money will be used to boost product-pedagogy outcomes, hypergrowth initiatives, acquisition and partnerships, and to catalyse efforts to develop a strong global math brand.
Cuemath is now present in over 70 countries and plans to expand to over 100 countries by the fiscal year 2023. This strategy involves expanding its footprint in North America, APAC, the United Kingdom, Europe, and the Middle East, as well as capturing markets in Africa and South America.
Vivek Sunder, the CEO of Cuemath stated that in the current industry trends, Cuemath’s recent fundraising is a big accomplishment. With market rationalisation, valuations have become more realistic, only growth-stage start-ups with good business fundamentals can now develop confidence with VCs. Product innovation and personalization, along with a low-capex approach, aided the company’s worldwide scale-up and increased conversion rates threefold.
Cuemath, founded in 2013 by Manan Khurma, is an after-school online math teaching platform for children in kindergarten through 12th grade. This financing, led by Alpha Wave, included previous investors such as Lightrock India, Sequoia Capital India, Alphabet independent growth fund CapitalG, Manta Ray, and Unitus.
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