Cuemath, a one-on-one online math tutoring platform, has announced a fundraise of $57 million in a fresh round led by Alpha Wave at a valuation of $407 million — a 2X jump in the valuation compared to its earlier round in December 2020. The ed-tech start-up said in a statement that the fresh funds will help in strengthening product outcomes, growth initiatives, acquisition and partnerships, and global expansion.
This current funding round also saw participation from existing investors — Lightrock India, Sequoia Capital India, Alphabet’s independent growth fund CapitalG, Manta Ray, and Unitus.
Present in more than 70 countries, Cuemath aims to expand to over 100 countries by FY23. This plan includes bolstering its presence in North America, APAC, the UK, Europe, Middle East and capturing markets in Africa and South America.
“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. Therefore, this substantial inbound interest from all our existing investors validates Cuemath as a knowledge expert in the global after-school math tutoring market and signals acknowledgement of the developments over the past few quarters,” Vivek Sunder, CEO at Cuemath said in a statement.
To date, the start-up has raised close to $121 million in funding from prominent investors such as Lightrock, Alpha Wave Incubation, Sequoia Capital India, CapitalG (formerly Google Capital), and others. Its courses are also certified by Grant Thornton and the curriculum is also STEM and ‘Google for Education’-accredited.
“In every Cuemath class, the student experiences a powerful and personalised combination of a highly visual math curriculum delivered by a rigorously trained, caring teacher. This has enabled Cuemath to have one of the best retention rates in the industry (80%), with half of all new admissions happening via referrals. These industry-leading metrics encouraged all our investment partners to support us yet again in our global math mission,” added Manan Khurma, founder & chairman of Cuemath.
Founded in 2013 by IIT Delhi alumni Manan Khurma, Cuemath offers an after-school online Math program for KG to 12th-grade students. The Cuemath teaching programme has a unique approach that combines 1:1 group instruction with engaging puzzles and interactive visuals to teach math as intuitive logic. It has a self-paced curriculum keeping the learning pace of students in mind.