Cuemath Revenue, Valuation, Funding & Investors

Cuemath is valued at $407M as of June 2022, a 40.7x multiple on its last reported $10M revenue.

Last Cuemath valuation

$407M

Undisclosed stage · Jun 2022

Last Cuemath funding round

$57M

Undisclosed stage · Jun 2022

Cuemath revenue

$10M

Undisclosed stage · Jun 2022

Key investors in Cuemath

  • Peak XV Partners
  • CapitalG
  • Manta Ray Ventures
  • Capria Ventures
  • Lightrock
  • Unitus Ventures

Cuemath Overview

About Cuemath

Cuemath is a Bengaluru-headquartered online learning platform founded in 2013. It delivers math and coding programs for K-10 students through interactive worksheets, application-based technology, and certified teacher supervision. Cuemath builds foundational skills in concepts, aptitude, and reasoning for children across India and international markets.


Founded

2013

HQ

IndiaBangalore

Status

Privately held

Customer focus

B2C

Revenue model

Subscription

Revenue

$10M (Jun 2022)

Valuation

$407M (Jun 2022)

Cuemath Valuation

Cuemath is currently valued at $407M, based on its undisclosed-stage round in June 2022.

The $57M round was led by Alpha Wave Global, with participation from Manta Ray Ventures, Unitus Ventures, Capria Ventures, CapitalG, Lightrock and 1 other investor.

Cuemath valuation by funding round

Cuemath valuation by funding round
DateStageValuationRevenue Multiple
Jun 2022Undisclosed stage$407M40.7x

Cuemath Revenue

Cuemath's latest recorded revenue is $10M, as of its undisclosed-stage round in June 2022. At a $407M valuation, that implies a 40.7x revenue multiple.

Cuemath revenue by funding round

Cuemath revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jun 2022$10M$407M40.7xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Cuemath Funding History

Cuemath has raised a total of $122M across 6 funding rounds.

Cuemath's first fundraising round was a $200K seed round in December 2014. The most recent completed round was a $57M undisclosed-stage round in June 2022.

Cuemath funding rounds

Cuemath funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2022Undisclosed stageAlpha Wave Global (lead); Manta Ray Ventures; Unitus Ventures; Capria Ventures; CapitalG; Lightrock; Peak XV Partners$57M$407MCuemath is a Bengaluru-based edtech startup founded in 2013 by Manan Khurma, offering technology-driven after-school math learning programs and one-on-one online math tutoring. It operates in over 70 countries with plans to expand to more than 100 by FY23, focusing on North America, APAC, UK, Europe, Middle East, Africa, and South America. The company emphasizes product innovation, personalization, low Capex model, 80% retention rate, half of new admissions via referrals, and 3X improvement in conversion rates. In June 2022, Cuemath raised $57 million in a fresh funding round led by Alpha Wave Global, with participation from existing investors including CapitalG (Alphabet's growth fund), Lightrock India, Sequoia Capital India (now Peak XV Partners), Manta Ray Ventures, Unitus Ventures, and Kae Capital. The round doubled the company's valuation to $407 million, a more than 2X jump from prior valuation, achieved in challenging market conditions amid edtech sector struggles. Funds will support strengthening product-pedagogy outcomes, hypergrowth initiatives, acquisitions, partnerships, and building a global math brand. Leadership changes included appointing Vivek Sunder as CEO in September 2021, along with other senior hires like CFO Samir Kulshresth, CHRO Nisha Popli, chief of sales Janardan Singh, and chief product and technology officer Anushray Gupta. Investors highlighted Cuemath's strong unit economics, global scale-up, and flywheel effect from high-quality teachers addressing math tutoring needs.
Dec 2020Series CAlpha Wave Incubation (lead); Lightrock (lead); Manta Ray Ventures; CapitalG; Peak XV Partners$40M-Cuemath is a Bengaluru-based edtech startup founded in 2013 by Jagjit Khurma and Manan Khurma, offering a teacher-first online mathematics learning platform for K-12 students. It operates on a franchise model where teachers deliver classes from home using digital tools, with revenue-sharing arrangements, and has expanded to over 70 countries. The platform focuses on improving math proficiency, claiming students double their speed in six months and logical ability in a year, with a typical student fee of INR 2000 per month for 12 classes. In December 2020, Cuemath raised approximately $40.2 million (Rs 297.15 crore) in a Series C round from new investors Alpha Wave Incubation, Lightrock, and returning investors CapitalG International, SCI Investments V (Sequoia Capital India, now Peak XV Partners), and Manta Ray Ventures. The funds were allocated for immediate working capital, long-term requirements, and further capital infusion. At the time, the company had over 40,000 students across 5,000 centers in 80 cities and was pivoting heavily to digital classes, which were expected to exceed 50% of revenues by year-end, with presence in over 15 countries. Around the 2020 funding period, Cuemath reported a gross revenue run rate of $10 million ARR, driven by its digital platform growth amid the edtech boom fueled by Covid-19. It generated Rs 230 crore in revenue for fiscal 2020 and projected Rs 300 crore for the current quarter and Rs 1200 crore ARR. The company had over 5,000 teachers onboarded, emphasizing tech scalability for global expansion with mentorship from investors like Sequoia Capital, CapitalG, and others. Cuemath continued fundraising, including a prior $5.5 million round in December 2019 led by Manta Ray Ventures and a $2.7 million debt-equity mix from Trifecta Capital in July 2020. Later rounds included a $57 million Series D in June 2022 from similar investors.
Dec 2019Series BManta Ray Ventures (lead); CapitalG; Peak XV Partners$6M-Cuemath, founded in 2013 by Manan Khurma and Jagjit Khurma, is a Bengaluru-based edtech platform offering mathematics-focused online learning programs for K-12 students using a franchisee model. The company raised $5.5 million in December 2019 from venture capital investors including Manta Ray Ventures, CapitalG (Google's venture arm), and Sequoia Capital India. At the time of this funding round, Cuemath had expanded to over 5,000 centres across 80 cities with 40,000 students on the platform. By 2021, the company had ambitious growth targets, aiming to reach $100 million in annual revenue and expand into 50 markets globally, with international markets already contributing over one-third of business.
Jan 2017Series BAlphabet (lead); CapitalG (lead); Peak XV Partners$15M--
Jun 2016Series APeak XV Partners (lead); Unitus Ventures; Capria Ventures$4M--
Dec 2014SeedCapria Ventures$200K--

Who has invested in Cuemath?

9 investors have backed Cuemath across its funding rounds, including Peak XV Partners, CapitalG, Manta Ray Ventures, Capria Ventures, Lightrock and Unitus Ventures.

Lead investors include Alpha Wave Global, Alpha Wave Incubation, Lightrock, Manta Ray Ventures, Alphabet and 2 other investors.


Cuemath Investors

Investors in Cuemath by funding rounds participated
InvestorHQRoundsRoleFirst check
Peak XV PartnersIndiaBangalore5LeadJun 2016
CapitalGUnited StatesSan Francisco, CA4LeadJan 2017
Manta Ray VenturesUnited KingdomLondon3LeadDec 2019
Capria VenturesUnited StatesSeattle, WA3ParticipantDec 2014
Unitus VenturesUnited StatesSeattle, WA2ParticipantJun 2016
LightrockUnited KingdomLondon2LeadDec 2020
Alpha Wave IncubationUnited StatesNew York City, NY1LeadDec 2020

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Cuemath Competitors

Cuemath competitors include listed companies like Gaotu Techedu, Jiangsu Chuanzhiboke and MegaStudyEdu, and private ones like Codemao, BYJU'S and Matific.

Public and private companies comparable to Cuemath
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CodemaoChinaShenzhenPrivate$17M-$495M-
Gaotu TecheduChinaChinaPublicly listed$917M($38M)$503M0.2x
Jiangsu ChuanzhibokeChinaChinaPublicly listed$57M($7M)$540M6.3x
MegaStudyEduSouth KoreaSouth KoreaPublicly listed$644M$139M$263M0.4x
BYJU'SIndiaBangalorePrivate$429M$241M$225M-
MatificAustraliaSydneyPrivate--$800M-

Cuemath Public Comps

Cuemath is still privately-owned, but its public comps include Vitru Educação, Cruzeiro do Sul Educacional, Insource Co., Ser Educacional, Ataa Educational, NIIT Learning Systems, Wilmington, YDUQS, Gaotu Techedu and IDP Education.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Vitru Educação$439M$169M1.7x1.6x4.3x4.2x
Cruzeiro do Sul Educacional$551M$181M1.3x1.2x3.8x4.1x
Insource Co.$93M$39M3.5x3.2x8.5x7.9x
Ser Educacional$431M$124M1.3x1.3x4.6x4.7x
Ataa Educational$176M$65M4.4x4.2x11.8x11.4x
NIIT Learning Systems$204M$42M1.3x1.2x6.1x6.0x
Wilmington$136M$24M3.0x2.4x17.4x9.4x
YDUQS$1.1B$310M1.3x1.2x4.3x3.7x

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Common questions about Cuemath

When was Cuemath founded?Cuemath was founded in 2013.
Where is Cuemath headquartered?Cuemath is headquartered in Bangalore, India.
Is Cuemath publicly listed?No, Cuemath is a private, VC-backed company.
What is Cuemath's valuation?Cuemath was last valued at $407M in its undisclosed-stage round in June 2022.
How much funding has Cuemath raised?Cuemath has raised $122M across 6 funding rounds.
What was Cuemath's last funding round?Cuemath's last funding round was a $57M undisclosed-stage round in June 2022, led by Alpha Wave Global.
Who are Cuemath's investors?Cuemath's investors include Peak XV Partners, CapitalG, Manta Ray Ventures, Capria Ventures, Unitus Ventures, Lightrock, Alpha Wave Incubation, Alpha Wave Global and Alphabet.
What is Cuemath's revenue?Cuemath's latest recorded revenue is $10M (June 2022).
What is Cuemath's revenue multiple?Cuemath's latest valuation implies a 40.7x revenue multiple ($407M valuation on $10M of revenue).
Which companies are comparable to Cuemath?Companies comparable to Cuemath include Codemao, Gaotu Techedu, Jiangsu Chuanzhiboke, MegaStudyEdu, BYJU'S and Matific.

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