Cuemath has secured $57 million in a funding round led by Alpha Wave. With this, the edtech startup’s valuation rose to $407 million.
CueMath, a Google-backed math learning business, has secured $57 million in a new funding round headed by Alpha Wave Global at a valuation of $407 million–a more than twofold increase in valuation.
The extra money, according to the firm, will fuel stronger product-pedagogy outcomes, hypergrowth initiatives, acquisition and alliances, and catalyze efforts to develop a great worldwide math brand.
This financing, led by Alpha Wave, comprises all of the company’s previous investors, including Lightrock India, Sequoia Capital India, Alphabet’s independent growth fund CapitalG, Manta Ray, and Unitus.
The Bengaluru-based edtech player was founded in 2013 and is now present in over 70 countries. By FY’23, the firm hopes to have expanded to over 100 nations. This strategy includes expanding its footprint in North America, APAC, the United Kingdom, Europe, and the Middle East, as well as capturing markets in Africa and South America.
Cuemath appointed former Swiggy COO Vivek Sunder as CEO in September 2021.
Vivek Sunder, in response to the current investment, stated, “Given current industry trends, Cuemath’s newest financing is a noteworthy accomplishment. With market rationalisation, valuations have become more realistic; only growth-stage businesses with good business fundamentals can now develop confidence with VCs. As a result, this significant inbound interest from all of our current investors validates Cuemath as a knowledge specialist in the global after-school math tutoring sector and demonstrates recognition of the developments over the previous few quarters.”
Manan Khurma, Founder and Chairman of Cuemath, said, “What separates Cuemath from practically every other edtech firm is that we focus on one thing and one thing only—deep math learning results. Every Cuemath lesson provides a powerful and individualized blend of a highly visual math curriculum delivered by a carefully trained, loving teacher. Cuemath has one of the strongest retention rates in the business (80%), with referrals accounting for half of all new enrollment. These industry-leading indicators prompted all of our financial partners to renew their support for our worldwide math mission.”