The fresh infusion of capital is expected to be used for hiring talent, R&D on teaching technology, strategic acquisitions, and further market expansion.
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The Bengaluru-based startup enables teachers to digitise their classrooms. It claims to have over 7,00,000 teachers on its platform.
“This is Teachmint’s third round of investments within 10 months of its launch in May 2020, making it the fastest edtech startup in India to raise more than $20 million in capital,” it said in a press statement.
Learn Capital is a San Francisco Bay Area-headquartered venture capital firm which made early investments in Coursera, Udemy, and Brainly among others.
“There are startups building great products in education and we would love to partner with some of them in taking their products to the larger audience,” said Mihir Gupta, co-founder and CEO, Teachmint.
“Learn brings along global experience across geographies with investments in the US, Europe and Asia. Their insights will add a lot of value as we look at global markets,” he said.
The Indian edtech sector has caught the attention of global investors. upGrad
recently raised $120 million led by Singapore government-owned investment company Temasek while Lead School raised $30 million in Series D funding led by Silicon Valley-based GSV Ventures.
The Indian edtech industry is projected to become a $30 billion dollar industry by 2032,
according to a recent report published by transaction advisory firm RBSA Advisors. The market size is currently $700-800 million.