Ex-Oyo, Swiggy execs’ edtech startup bags $3.5m in seed round led by Lightspeed

Teachmint, an India-based online teaching platform, announced that it has raised US$3.5 million in a seed round led by Lightspeed India and existing investors Better Capital and Titan Capital.

The latest investment comes two months after the company secured its first round in August.

Photo credit: Teachmint

Launched in May this year, Teachmint enables offline tutors to digitize their classrooms, engage online with existing students as well as reach out to more users. The company said its platform allows content delivery, engagement and evaluation, as well as business workflow tools.

Within five months of its launch, Teachmint said it has had more than 120,000 tutors across 1,000 cities and towns in India.

The company was founded by Mihir Gupta and Payoj Jain, former executives of hospitality startup Oyo, Divyansh Bordia, who previously worked at food delivery platform Swiggy, and Anshuman Kumar from video-sharing service Roposo.

“India’s tutoring and coaching market is estimated to be over US$25 billion, [and it] is fragmented into millions of tutors and coaching centers,” said Harsha Kumar, partner at Lightspeed India.

Teachmint said its platform is focused on regional customization and is already available in 10 Indian languages other than English.

With the new funds, it plans to build out its product suite, introduce more services, and increase its geographic reach to more tutors, according to a statement.

It competes with edtech startup Byju’s, which was valued at around US$10.8 billion after it raised US$500 million in a funding round led by Silver Lake last month.