India-based edtech startup Cuemath has raised US$57 million in a funding round led by Alpha Wave Ventures. This funding has doubled the startup’s valuation to US$407 million.

Photo credit: Cuemath

Since its last fundraise, the company has boosted its conversion rate by 3x and has achieved an 80% retention rate.

With a presence in around 70 countries, the startup has plans to expand to 30 more, targeting to take its tally to 100 by the end of the financial year. Cuemath aims to expand into Europe, North America, Asia Pacific, the Middle East, and the UK, along with the African and South American markets as well.

The funds will also be used to strengthen the platform’s curriculum and help create partnerships and acquisitions.

Cuemath, founded by Manan Khurma in 2013, offers users a self-paced mathematics curriculum, involving puzzles, one-on-one instruction, and interactive visuals. Its tutorials serve students from kindergarten to the 12th grade.

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The global edtech market is set to grow at a compound annual growth rate of 15%, reaching US$230 billion in 2028.

Existing investors that participated in this round include:

• Lightrock India
• Sequoia Capital India
• CapitalG (Alphabet’s private equity firm)
• Manta Ray
• Unitus