Indian online education platform Cuemath plans to boost at the least $100 million in a brand new financing spherical this yr, its chief govt mentioned, as the corporate targets a valuation of $1 billion by the top of 2022.
Training expertise companies have seen an upswing within the takeup of their services and products over the previous yr as extra individuals have switched to distant studying amid the pandemic.
Chief Government and Founder Manan Khurma instructed Reuters Bengaluru-based Cuemath hoped to shut by December a Sequence D funding spherical of at the least $100 million, which might be used to finance progress plans, together with acquisitions of different platforms.
“We now have curiosity coming in from throughout the globe,” he mentioned, including that the method would begin in about three months.
The contemporary capital would observe the $40 million Cuemath raised final February in a Sequence C spherical, which included investments from Lightstone Aspada and Alpha Wave Incubation, Sequoia Capital India, Manta Ray, and Alphabet Inc’s unbiased progress fund CapitalG.
Primarily based on its present progress trajectory, Cuemath was on observe to be valued at $1 billion within the subsequent 12-18 months, Khurma mentioned, with out disclosing the corporate’s present valuation.
Cuemath, established in 2013, is focusing on to have between 500,000 to 1 million college students signed as much as its math and coding platform throughout 50 nations by March 2022. At the moment, it has taught 200,000 college students in over 20 nations.
The corporate, whose core markets are India and the US, is formally increasing within the United Arab Emirates after 25,000 college students there signed up throughout a smooth launch earlier this yr.
Additionally it is increasing into Singapore, Australia and New Zealand, Khurma mentioned.
(Reporting by Alexander Cornwell; Enhancing by Bernadette Baum)