Math learning startup Cuemath raises $15 million from CapitalG and Sequoia India
New Delhi [India], (ANI): Math learning startup Cuemath has raised $15 million in its Series B round of funding from CapitalG and Sequoia India. CapitalG (formerly known as Google Capital), the growth equity investment fund of Alphabet (Google's parent company), led this round of funding.
When asked about the rationale behind this investment, Kaushik Anand, CapitalG's Head of India Investments, 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. We are happy to be supporting Cuemath on the quest of transforming the way math is experienced by children across the globe."
Cuemath is an after-school math excellence program for children in KG to Grade 8 and is offered through home-based centers. Cuemath strives to make children great at math with the belief that math can transform a child's future. The centers are managed and run by trained and certified Cuemath Teachers who share Cuemath's vision of math excellence. Founded in 2013, Cuemath now has over 2,000 centers educating more than 10,000 students across the country.
By March 2018, Cuemath aims to establish 5,000 centers and enrol 40,000 children in the program. The funds raised will be utilised towards making the learning system more powerful and expanding to more cities across the country.
Manan Khurma, Cuemath's founder and CEO said, "Math is the skill of the future. 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. Schools, by design, cater to only a limited subset of math. Although many of them do a good job at it, our children need much more. Cuemath takes math excellence to a wholly different level. Through its multi-format tech-enabled learning system, Cuemath ensures that children not only master math but also fall in love with it."
Cuemath is making thousands of children great at math and promising to build the next generation of thinkers. It's also offering a prestigious home-based career opportunity to educated women who are looking to switch, restart or kick-start their careers.
Anshumani Ruddra, Chief Product Officer at Cuemath and earlier VP of Product at Practo said, "Cuemath's data and technology is used to define each student's learning trajectory and guide the Cuemath Teacher on exactly what to teach and how to teach it. We believe this kind of in-person learning is extremely valuable from a young learner's perspective. This unique model sets us apart and we don't see any direct competition in the market yet, although we'd be more than happy if other players were to take our path in this quest of creating a global math revolution."
Abheek Anand, Principal, Sequoia Capital India Advisors said, "The most exciting aspect about the Cuemath program is how the unique technology and learning system inspires a love for mathematics in children at a very young age. 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."
Currently, Cuemath has a presence in Delhi, Bangalore, Mumbai, Chennai, Pune and Hyderabad, with over 300 math excellence centers in each of these cities. (ANI)