Teachmint, Banglore based live online tutoring platform, has raised $3.5 million from Lightspeed India.
Existing investors Better Capital and Titan Capital also participated in the round.
Meanwhile, this is the second funding that the five-month old startup has received in over two months.
Teachmint, has raised its first round of funding in August 2020 led by Better Capital with participation from Titan Capital.
This funding round will be used to build Teachmint’s product suite, introduce additional offerings, and increase geographic reach to more tutors.
Mihir Gupta, Co-founder and CEO at Teachmint, said in a press statement shared by the company, “Teachers are at the centre of a great education experience, and this is what will truly unleash the power of edtech.
Our mission is to enable millions of outstanding tutors in India to take their classes online by leveraging Teachmint as their tech backbone.
We are thrilled to partner with Lightspeed and our existing investors to continue to ramp up access for tutors across the country and beyond”.
Launched in May this year, Teachmint enables offline tutors to digitize their classrooms, engage online with existing students as well as reach out to more users.
The company said its platform allows content delivery, engagement and evaluation, as well as business workflow tools. Within five months of its launch, Teachmint said it has had more than 120,000 tutors across 1,000 cities and towns in India.
The company was founded by Mihir Gupta and Payoj Jain, former executives of hospitality startup Oyo, Divyansh Bordia, who previously worked at food delivery platform Swiggy, and Anshuman Kumar from video-sharing service Roposo.
Teachmint aims to make online teaching easy and accessible to all the tutors in India by empowering them with tools to deliver effective learning outcomes for students and parents.
Harsha Kumar, Partner at Lightspeed India, said in the press statement, “India’s tutoring and coaching market is estimated to be over $25 billion, is fragmented into millions of tutors and coaching centres, and Teachmint is ideally placed to not just enable this market but potentially expand it further. We are very excited to partner with the team who from day one have demonstrated product-first thinking and deep market understanding”.
The platform focuses on regional customisation and is available in 10 languages other than English.
The platform has uniform adoption across the country, with the user base stretching from Srinagar to Port Blair.
Vaibhav Domkundwar of Better Capital, an early backer of Teachmint who has invested in this round as well, added, “We invested in the founding stage of Teachmint based on a deep alignment with the founders’ vision and I have been impressed with pace at which the team has executed and the market pull Teachmint has experienced from tutors across India and Bharat.”
Earlier last month, Teachmint said the company has witnessed 20X month-on-month growth.
It claimed that within four months of its launch, its platform has been used by more than 75,000 tutors from across the country.
The company said that tutors from all corners of the country, including those in union territories like Jammu & Kashmir and Andaman & Nicobar, are being able to register themselves on Teachmint, embark on the journey to teach more students and build a thriving business online using its platform.
Authored by, Ayush Sharma
Content Developer, Startup Monk