Edtech startup Teachmint has raised Rs 122.8 crore or $16.5 million in its Series A round from new and existing investors. This is the third round for the Bengaluru-based startup which was launched exactly a year ago.
Teachmint has approved the allotment of 63,551 Series A preference shares at Rs 19,321.91 to raise Rs 122.8 crore, regulatory filings show. California-based early-stage venture capital firm Learn Capital has led the round with an investment of Rs 78.54 crore or $12 million.
Existing backers Lightspeed India and Better Capital have infused Rs 22.85 crore and Rs 3 crore respectively. MV Opportunity Fund and AngelList have invested around Rs 13.5 crore and Rs 3 crore respectively.
The fresh round takes the total investment in Teachmint to $20 million. In August 2020, it had raised an undisclosed round followed by a $3.5 million seed round led by Lightspeed in October.
According to 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 classrooms, engage online with students, and reach a wider base. According to the company’s website, it has over 500,000 tutors across more than 1,200 cities and towns using its platform.
Since its inception, the company claims to have digitised around 550,000 classrooms.
According to Fintrackr, the company’s shareholding structure is led by the founders who collectively hold 43.05% stake in the company. Lightspeed emerged as the largest shareholder among investors with an 18% stake followed by the lead investor in the current round Learn capital, which now holds a 17.5% stake.
After the fresh allotment of shares, AngelList has around 7.36% stake whereas Better Capital has less than 1% equity stake in the company. It has also kept 5.94% stake under the company’s ESOP pool.
Close to 100 edtech startups had raised funds in 2020 and the ongoing year has already seen some big rounds in the segment. Byju’s has raised $1.5 billion in several tranches, while upGrad and Lead School have closed their $120 million and $30 million rounds.
Also, Unacademy is all set to score a new round at a higher valuation. According to Entrackr’s sources, the Gaurav Munjal-led company is in talks with SoftBank and others to raise fresh financing at a valuation of $3 billion.