Indian online education company eyeing new funding, $1bn valuation


DUBAI, June 15 (Reuters) – Indian online education platform Cuemath plans to raise at least $100 million in a new funding round this year, its chief executive said, as the company targets a valuation of $1 billion by the end of 2022.

Education technology companies have seen an increase in the adoption of their products and services over the past year as more people have switched to remote learning amid the pandemic.

Chief Executive and Founder Manan Khurma told Reuters that Bengaluru-based Cuemath hoped to close a Series D funding round of at least $100 million by December, which would be used to fund growth plans, including acquisitions of other platforms.

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“We have interests from all over the world,” he said, adding that the process would start in about three months.

The new capital would follow the $40 million Cuemath raised last February in a Series C funding round, which included investments from Lightstone Aspada and Alpha Wave Incubation, Sequoia Capital India, Manta Ray and the growth fund independent CapitalG from Alphabet Inc.

Based on its current growth trajectory, Cuemath was on track to be valued at $1 billion over the next 12 to 18 months, Khurma said, without disclosing the company’s current valuation.

Cuemath, established in 2013, aims to have between 500,000 and 1 million students enrolled in its math and coding platform in 50 countries by March 2022. Today, it has taught 200,000 students in more than 20 countries.

The company, whose main markets are India and the United States, is officially expanding into the United Arab Emirates after 25,000 students enrolled there in a soft launch earlier this year.

It also plans to expand to Singapore, Australia and New Zealand, Khurma said.

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Reporting by Alexander Cornwell Editing by Bernadette Baum

Our standards: The Thomson Reuters Trust Principles.

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