Teachmint bags $78 million funding led by Rocketship.vc, Vulcan Capital : Tech News

Education infrastructure startup Teachmint said it has raised $78 million in a Series B funding round led by Rocketship.vc and Vulcan Capital. The round also saw new investors, Goodwater Capital and Epiq Capital, join the company’s capitalisation table.

The startup will use the funds to further strengthen its proprietary classroom technology as well as to expand into international markets, it said in a release.

Existing investors Learn Capital, CM Ventures, Lightspeed India and Better Capital also participated in the round. This is the fifth funding round for the 16-month-old startup that has so far mopped up $118 million in equity funding from investors.

Founded in May 2020 by Mihir Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar, the platform is available in 11 different vernacular languages including Hindi, Telugu, Tamil and Punjabi. The company has a user-base of over 10 million users in India and aims to scale this to over 100 million users globally in the near term, the release said.

“Teachmint will also extensively focus on growing its teams and hiring skilled talent, especially across product, technology and design. The company plans on doubling its workforce in the next six months and will also announce its largest Esop buyback plan to reward and recognise the contributions of its team,” it said.

Teachmint has also expanded its ed-infra offerings with products like Teachmint for Institute and Education Video-as-a-Service. With adoption from 4,000+ educational institutes in India and multiple international edtech partnerships, Teachmint caters to end-to-end infrastructure needs of educators; from K-12 schools to after-school tutoring to universities and even edtechs.

“Since inception, we have been laser-focused on addressing the big technology-infrastructure gap that exists in education,” said Mihir Gupta, cofounder and CEO at Teachmint. “From supporting individual teachers to powering K-12 schools, coaching institutes, colleges, universities and even edtechs, we are disrupting technology penetration in education at an unprecedented pace.”

According to the release, Teachmint is also eyeing a few strategic acquisitions in the near term to strengthen its infrastructure offering.

“Teachmint has addressed a latent technology problem in the education sector and are well positioned to scale their offering globally. Strong leadership combined with the passion and conviction to solve this, makes us a strong believer,” said Madhu Shalini Iyer, partner, Rocketship.vc.

In July 2021, Teachmint
raised $20 million in a pre-Series B round led by Learn Capital with participation from CM Ventures. Just two months prior, in May 2021, the company
landed $16.5 million in Series A funding led by Learn Capital with participation from CM Ventures, Lightspeed and Better Capital.

“Teachmint has differentiated itself with a focus on building an integrated classroom toolkit that is mobile-first and video-first. They are already among the fastest growing edtech companies and have the potential to make a lasting impact on how education is delivered and consumed globally,” said Vivek Subramanian, partner, Goodwater Capital.