Teachmint raises USD 78 mn funding led by Rocketship, Vulcan Capital

New investors Goodwater Capital and Epiq Capital also participated in the funding round. 

“We are thrilled to welcome onboard Rocketship.vc and Vulcan Capital along with Goodwater Capital and Epiq Capital. We are also grateful to have the continuous support of our existing investors as we execute our vision at the global stage,” Teachmint co-founder and CEO Mihir Gupta said in a statement. 

Existing investors Learn Capital, CM Ventures, Lightspeed India and Better Capital continued to double down in the fifth round raised by the company. The latest funding was raised at an enterprise valuation of around $500 million, a source aware of the development said. 

“The new round brings the 16 month-old start-up’s all-time fundraise to $118 million, making it the fastest such capital raise for an Indian startup in the education space. Teachmint will use this fresh infusion of funds to further strengthen its proprietary classroom technology as well as to expand into international markets,” the company said in a statement. 

The education infrastructure startup claims to have grown to over 10 million users from over 5,000 cities and towns in India and aims to scale this to over 100 million users globally in the near term. 

Teachmint will also extensively focus on growing its teams and hiring skilled talent, especially across product, technology and design to meet its goal. 

The company plans on double its workforce in the next six months and will also announce its largest ESOP buyback plan to reward and recognise the contributions of its team, the company statement said.