SaaS-based edtech startup Teachmint has scooped up $78 million in its Series B round led by Rocketship.vc and Vulcan Capital. New investors Goodwater Capital, Epiq Capital, and existing investors Learn Capital, CM Ventures, Lightspeed India, and Better Capital also participated in the round.
Entrackr had exclusively reported the potential round with exact details on Sep 2.
The proceeds will be utilised for global expansion and double the company’s workforce in the next 6 months, said Teachmint in a press statement.
According to Fintrackr’s estimates, Teachmint has been valued at around Rs 3,710 crore or close to $500 million in this round (post-money).
With the fresh round, Teachmint has become one of the fastest edtech startups to raise $100 million and become the sixth most valued edtech startup after Byju’s, Unacademy, Eruditus, upGrad and Vedantu. Importantly, it’s one of the rare startups to mop up two institutional and a seed round in just 14 months.
California-based Rocketship.vc has spearheaded the new round with Rs 260.3 crore whereas Goodwater Capital joined the round with Rs 137.6 crore, as per Teachmint’s regulatory filings. Epiq Capital and MV Opportunities Capital have invested Rs 40.90 crore each. Learn Capital and Better Capital have put in Rs 37.2 and 2.3 crore respectively.
It’s worth noting that Vulcan has participated in Teachmint’s Series B round via Rocketship.vc. Following the infusion of new money, its founders’ stake diluted to 29.61%.
Teachmint enables educators to go online and digitise their classrooms. It claims to support infrastructure to over 4,000 institutes (tutors, universities and edtech platforms) in India along with several large partnerships globally. Its solutions come in 11 vernacular languages including Hindi, Telugu, Tamil and Punjabi.