Additional funding to help company’s expansion plans across various cities
3 August, 2015. Bangalore, India: Alok Mittal, former Managing Director of Canaan Partners, recently invested in CueLearn, a portfolio company of Unitus Seed Fund, India’s leading venture seed fund supporting startups innovating for the masses. CueLearn’s flagship product, Cuemath, is a novel approach to math learning that involves a gamified and engaging blend of worksheets and tablet-based technology.
Converting math learning from drudgery to delight
Cuemath aims to remove the fear and drudgery of math learning among K8 students. The program is designed to make math learning delightful by engaging students through experiential learning. Unlike other math learning programs that are solely app-based or worksheet-based, Cueath uses a unique blended approach, resulting in an exceptionally high level of student engagement. In addition, the company leverages stay-at-home ladies as micro-franchisees who deliver the program from the comfort of their homes and earn extra income. A teacher can spend only a few hours a week teaching and earn more than INR 20,000 a month through Cuemath.
Cuemath’s asset-light delivery model has resulted in the company on-boarding more than 200 teachers on its network in a short span of 18 months. The company aims to reach 1,000 teachers within the next twelve months and 25,000 teachers and half a million students within three years. Math learning comprises majority of spend on after-school learning in India. Cuemath targets this segment of the USD $5 billion after-school learning market in India. The market is currently serviced by fragmented operators, except for a few organized players like Kumon, the world’s largest after-school learning program with a presence in 48 countries and global revenues in excess of $700 million.
Cuemath attracts additional capital from Marquee Investor
With over two decades of experience, Alok brings with him a unique blend of entrepreneurial and investment expertise. Alok is Co-founder and CEO of Indifi, a platform for enabling debt financing for small businesses. Alok is also an active angel investor, co-founder of Indian Angel Network, and on the board of TiE (The Indus Entrepreneurs) Delhi. Prior to starting Indifi, Alok setup and ran Canaan Partners’ operations in India. “I’m excited about the after-school learning space in India as the opportunity is immense, with no real market leaders at present” said Alok. “Cuemath’s approach to this problem is a business model that is asset-light and extremely scalable, while ensuring high-quality academic delivery. I think the Cuemath team has the strength to execute and I am keen to support them in this endeavor” he added.
“Cuemath is enabling homemakers and other non-working individuals to become at-home educator-entrepreneurs by adopting our revolutionary tech-driven learning systems. Cuemath aims to impart world-class teaching to millions of young learners and build the world’s largest platform for after-school learning programs.” said Manan Khurma, CEO and Co-Founder of Cuemath.
“Unlike traditional classroom-based tuition providers, Cuemath is capital efficient and highly scalable, enabling rapid growth everywhere from Tier-1 metros to the smallest village,” said Will Poole, Managing Partner, Unitus Seed Fund. “We are confident that Cuemath is well-positioned to scale quickly with their results-oriented solutions to after-school math learning” he added.
Launched in 2013, by Manan Khurma and Jagjit Khurma, Delhi-based Cuemath’s mission is to provide high-quality after-school math learning. Using a unique combination of paper-based worksheets, tablet-based interactive learning technology and skilled instructors, Cuemath’s programs are delivering superior learning outcomes at affordable price points. More about Cuemath>
About Unitus Seed Fund
Unitus Seed Fund is the leading venture seed fund supporting startups innovating for the masses in India. Unitus invests in healthcare, education, mobile commerce & value-added services, marketplaces & e-commerce, retail & distribution, agriculture, and water & energy sectors. Founded in 2012, Unitus Seed Fund is part of the Unitus Group, a premier financial services group operating in India and other emerging markets since 2000. Unitus Seed Fund is based in Bangalore and Seattle. More about Unitus Seed Fund >