Edtech startup Cuemath has raised USD 57 million (about Rs 442 crore) in a fresh funding round led by Alpha Wave, the company said on Wednesday. The valuation of the edtech startup has doubled 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.
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“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.
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.