Cuemath secures $40 million in funding led by LGT Lightstone Aspada, Alpha Wave Incubation

Google-backed education technology startup Cuemath has raised $40 million in Series C funding led by LGT Lightstone Aspada and Falcon Edge-managed Alpha Wave Incubation, becoming the latest edtech company in India to have raised significant capital this year.

Cuemath issued a little over 144,000 shares at Rs 20,518 each to raise Rs 297.1 crore, according to regulatory filings sourced from business intelligence platform Tofler.

While Lightstone and Alpha Wave Incubation led the round, existing investors Sequoia Capital, Google’s investment arm Capital G and Manta Ray also participated in the round.


The investment comes at a time when India’s edtech sector has seen significant inflow of capital led by market leader Byju’s raising close to $1.2 billion, followed by Unacademy which raised over $150 million and Vedantu, which has raised over $100 million, this year.

The regulatory filings also showed that the valuation of Cuemath prior to the latest investment was around Rs 707 crore, or $95 million.

ET was not able to ascertain its valuation following the latest investment.

News website Entrackr, which first reported the investment in Cuemath on Monday, estimated the company’s valuation at around $170 million.

Cuemath said it had delivered over 25 million classes to over 100,000 students across geographies, including the UK, US, UAE, Singapore, Canada, Thailand, Indonesia, Egypt, Nigeria, India, Nepal and Bangladesh.

The company said it had seen a significant increase in signups for its web-only learning platform Cuemath Leap because of the disruption brought on by the Covid-19 pandemic.

It has also launched a coding curriculum alongside its math learning programmes, trying to capture a whole new wave of teaching kids to code that was kicked off by platforms such as WhiteHat Jr, which Byju’s acquired earlier this year.

Cuemath had raised $5.4 million in its Series B round last December, led by Manta Ray Ventures, with participation from Google and Sequoia.