Cuemath Raises $15 Mn From CapitalG, Sequoia India
NEW DELHI: Math learning start-up Cuemath has raised $15 million (around 102 crore) in series B funding from CapitalG and Sequoia India.
Cuemath is an after-school math excellence programme for children in KG to grade 8 and is offered through home-based centers. Founded in 2013, it has over 2,000 centers educating more than 10,000 students across the country.
CapitalG (formerly known as Google Capital), the growth equity investment fund of Alphabet, led this round of funding, a company release said.
"We believe technology can help solve the strong desire and need for quality education. And Cuemath has scaled with great unit economics and capital efficiency," CapitalG Head of India Investments Kaushik Anand said.
By March 2018, Cuemath aims to establish 5,000 centers and enrol 40,000 children in the programme. The funds raised will be utilised towards making the learning system more powerful and expanding to more cities across the country.
"Manan and the team have spent years perfecting a new way of teaching math to young children and delivering it through a unique partner model, and this round of funding gives them the ability to expand the business dramatically." Abheek Anand, principal, Sequoia Capital India Advisors, said.
Currently, Cuemath has a strong presence in Delhi, Bangalore, Mumbai, Chennai, Pune and Hyderabad, with over 300 math excellence centers in each of these cities.
"Given the way technology is evolving, the most valuable ability in just a few years from now will be that of complex problem-solving, and the best way to build that ability is to build a strong and holistic math foundation," Manan Khurma, Cuemath's founder & chief executive said.