Edtech startup Cuemath raises USD 57 mn in funding led by Alpha Wave; valuation doubles
Edtech startup Cuemath has raised USD 57 million (about Rs 442 crore) in a fresh funding round led by Alpha Wave, the company said in a statement on Wednesday
Edtech startup Cuemath has raised USD 57 million (about Rs 442 crore) in a fresh funding round led by Alpha Wave, the company said in a statement on Wednesday.
This takes the valuation of the edtech startup to USD 407 million (about Rs 3,155 crore), post the fresh fundraising, it added.
The company had raised USD 20 million at a valuation of USD 200 million in 2020.
The online math tutoring platform said it will use the funds for strengthening product-pedagogy outcomes, hypergrowth initiatives, acquisition and partnerships, and catalyse its efforts to build a strong global math brand.
"Currently, present in more than 70 countries, Cuemath aims to expand to over 100 countries by the financial year 2023. This plan includes bolstering its presence in North America, APAC, the UK, Europe, and the
Middle East and capturing markets in Africa and South America," the company said in a statement.
See Zee Business Live TV Streaming Below:
Led by Alpha Wave, this fundraise also witnessed participation from existing investors, including Lightrock India, Sequoia Capital India, Alphabet independent growth fund CapitalG, Manta Ray and Unitus.
"Cuemath's latest fundraise is a significant feat given the present industry trends. Valuations have become more realistic with rationalisation hitting the market; only those growth-stage start-ups with solid business fundamentals can now establish trust with VCs. Product innovation and personalisation coupled with a low capex model augmented our global scale-up and beefed our conversion rates by 3 times," Cuemath CEO Vivek Sunder said.
With Inputs from PTI
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
80% return in one year: Brokerage suggests buying this Maharatna PSU stock for 2-3 days, check target
Lok Sabha elections 2024 Phase 4: Voting date, timing, states, union territories, seats, key candidates and constituencies | LS Polls
5 investment schemes that provide monthly pension to senior citizens fixed deposit fds savings scss guaranteed return atal pension yojana post office monthly income swps mutual fund
HPCL dividend 2024: OMC Hindustan Petroleum Corporation announces Rs 16.50 dividend, check record date
Akshaya Tritiya bank holiday or not Basava Jayanti 2024 festival date Banks closed or open tomorrow may 10 friday check out state-wise full list
02:37 PM IST