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<ul><li>The pandemic has helped the <keyword id="4222766" type="PERSON" weightage="20" keywordseo="edtech-sector">edtech sector</keyword> in India flourish. Many players have witnessed impressive growth since the lockdown led to closure of educational institutes. </li><li><keyword id="3395125" type="PERSON" weightage="20" keywordseo="Cuemath">Cuemath</keyword>, an edtech platform focused on Math and coding grew 3X last year and is expecting to top that this year. It is also confident of becoming a unicorn by 2022.</li><li>We talk to <keyword id="1390946" type="PERSON" weightage="20" keywordseo="Arvind-Iyer">Arvind Iyer</keyword>, Marketing Director, Cuemath who tells us about the platform's growth story and all that its doing to bring more students to its platform.</li></ul>The last one year has been a blessing in disguise for the edtech industry. While over the past few years the sector had being growing steadily, the pandemic gave the sector just the tailwind it needed. According to a recent report released by transaction advisory firm RBSA Advisors, the <keyword id="11507888" type="UNKNOWN" weightage="20" keywordseo="Indian-edtech">Indian edtech</keyword> sector will take off, from its current market size of about $700-800 million to $30 billion in the next 10 years. While we have seen players that cover the entire spectrum of education, multiple subjects, test preparations, competitive exams, there also are subject-specific platforms that are making their presence felt in the domain. Cuemath was started in 2013 by <keyword id="3395126" type="PERSON" weightage="20" keywordseo="Manan-Khurma">Manan Khurma</keyword> who had just graduated from <keyword id="55119" type="COMPANY" weightage="20" keywordseo="Indian-Institute-of-Technology">Indian Institute of Technology</keyword> (IIT) Delhi. After graduating, he started teaching, predominantly Maths, to a lot of aspirants to help them crack the JEE. His experience with many of the students made him realize that most of them did not have clarity on the fundamentals of the subject. Resultantly, they were struggling with advanced concepts like trigonometry and calculus. That led to the genesis of Cuemath, that started out in an offline format but has now gone online. The platform, in the initial few years, found growth primarily through word-of-mouth. What started in India soon found takers in other countries too, considering every child, across the globe, has to learn Math. In fact, currently, Cuemath is present in 20 countries, a number that the leaders hope to take to 50 by the end of this year. “Math is a universal need. It’s not a niche need. Every kid around the world needs to do Math. Therefore, every student is our target student. We are therefore creating and enhancing our market. And since Math is a basic global requirement, we get an edge over our competition,” said Arvind Iyer, Marketing Director, Cuemath. Currently, Cuemath’s key markets are across four regions, North America and Canada; the Middle East, especially Dubai and Qatar, UK and Europe, where its business is growing steadily. The startup currently has plans of scaling 3-4X times in the US alone this year. “Cuemath is present in 20-odd countries, and it wants to reach over 50 countries by the end of this year. This plan includes strengthening its presence in North America, APAC, UK and Europe, and the Middle East, as well as entering countries in Africa and South America,” explained Iyer. The platform also underwent a rebranding recently to represent its evolution in the past 1.5 years, primarily its pivot from an offline to an online entity. The rebranding entails a new logo and colour palette. <div type="image" title="cuemathTwitter" msid="83830583" hostid="261"></div> Explaining the thought behind the rebranding, Iyer said, “We want to make parents and students believe in the power of math and its potential to unlock innumerous possibilities. We intend to project ourselves as a brand of consequence where intuition for math trumps marks and performance in exams. Being a company that works at scale across geographies, we needed a winning strategy that will be in alignment with our mission to be a Global Math Leader of the future - to portray trust, expertise, and freshness, globally. This needed a fresh way of looking at our brand, our visual identity, and our communication objectives which are: to come across as trustworthy but not formal, to sound lighthearted but not juvenile, to have academic rigor but not be strict and to be viewed as innovative not newfangled.” It has also refreshed its tagline to ‘Get better at Math, Get better at everything else’. When it comes to marketing, the platform has been following a targeted approach, while monitoring its funnel conversion metrics closely. “We are constantly improving our communication assets to make them work harder for the parent, and get them to discover the Cuemath method. We believe in always adding value to the lives of parents, students and teachers. Everything we do is a reflection of what they seek and find useful. Having said that, our focus this year is going to be on building brand awareness and performance marketing to acquire new students through all our social, digital, TV and PR channels,” explained Iyer. If a recent estimate from <keyword id="50041" type="COMPANY" weightage="20" keywordseo="KPMG">KPMG</keyword> is to be believed, India has more than 3,500 <keyword id="2989202" type="PERSON" weightage="20" keywordseo="edtech-startups">edtech startups</keyword>. So how does one break the clutter? “I strongly believe that the pedagogy we adopt here at Cuemath is a major factor to give us an edge over our competitors. We are obsessed about having this constant zeal to help the child so that his or her learning graph just keeps going higher. We take pride in portraying math as a life skill which can make children better at everything by enhancing their critical and analytical thinking which many of our competitors don’t do,” he added. Owing to the fact that the knowledge of Math is a universal requirement, Iyer is confident that they will be able to capture the global markets too. Since 2017, it has grown over 10 times, from Rs 15 crore to now a Rs 150 crore company. From 7000 students on its platform in 2017, the platform grew to 60,000 students in 2020. From 1000 in 2017, it increased its teachers count to 10,000 in 2020. “We have very strong unit economics, which means we don’t lose any money on a consumer acquisition but on an overall level since we are re-investing all of our revenue back into growth, we aren’t profitable yet. So profitability right now isn’t a goal, but growth is the focus. The Math market around the world is a 20 Billion Dollar market and we plan to win that market. Our focus is to drive growth and become a unicorn, a billion dollar company by the end of 2022,” concluded Iyer on an optimistic note.

Our aim is to become a billion dollar company by the end of 2022: Arvind Iyer, Cuemath

New Delhi, Around 20 CEOs of Indian startups have quit their posts this year to date, amid the deepening funding winter and regulatory concerns, a significantly higher number than previous years, the media reported. Data compiled by Fintrackr showed that in the first eight months this year, nearly 20 <keyword id="138263" type="General" weightage="20" keywordseo="startup" source="Orion">startup</keyword> CEOs have left their position to either join a new firm or continue in the same company in a different role. In January, edtech company upGrad's <keyword id="5645" type="General" weightage="20" keywordseo="CEO" source="Orion">CEO</keyword> Arjun Mohan quit after a nearly three-year stint. Last month, he joined Byju's to lead its international business. Prashant Jhaveri, chief executive of Flipkart's online pharmacy Flipkart Health+, also left the firm after serving more than a year at the company, reports entrackr. Fintech startup Slash and grocery tech startup Milkbasket are yet to announce their new CEOs. Throttle Aerospace's CEO reportedly stepped down from the company. In March, DailyRounds' CEO Deepu Sebin and FreeCharge's CEO Siddharth Mehta announced their resignation after serving for several years at the helm. In May, all three co-founders including CEO of buy now pay later (BNPL) startup ZestMoney resigned. Some startup founders also quit as CEOs voluntarily or were elevated to a new role. For example, co-working space provider 91Springboard has replaced its CEO Anand Vemuri with Anshu Sarin, the report mentioned. Logistics startup Porter promoted its CEO Pranav Goel to executive vice chairman. Consumer electronic brand boAt, higher education edtech platform DataTrained, and Skincare brand SkinQ also promoted their CEOs to a new role within the company. Some of the startups also saw layoffs. Cuemath laid off 100 employees and re-appointed Manan Khurma as its CEO. Before Khurma, Vivek Sunder served as CEO for nearly two years at the startup. Car servicing startup GoMechanic laid off 70 per cent of its workforce as the co-founder Amit Bhasin acknowledged financial lapses. Following its acquisition by Servizzy, a consortium led by the Lifelong Group, all co-founders including the CEO, have left, said the report.

20 CEOs of these startups have quit this year amid regulatory concerns, funding winter

<ul><li><keyword id="3395125" type="General" weightage="20" keywordseo="cuemath" source="Orion">Cuemath</keyword> has raised $57 million from Alpha Wave Global, at a valuation of $407 million.</li><li>The <keyword id="1464841" type="General" weightage="20" keywordseo="edtech" source="Orion">edtech</keyword> startup provides after-school learning programmes for mathematics.</li><li>The Indian edtech firms are expected to face a downwards trend in the near future as schools have reopened.</li></ul>Even as experts expect the edtech industry to take a downward trajectory in the near future, Google-backed math learning startup Cuemath has raised $57 million. The round was led by Alpha Wave Global at a valuation of $407 million, representing more than 2x jump. Existing investors Lightrock India, Sequoia Capital India, Alphabet independent growth fund CapitalG, Manta Ray, and Unitus also participated in the round. The company plans to use the new capital to strengthen its product-pedagogy outcomes, hypergrowth initiatives, acquisition and partnerships. “Cuemath’s latest fundraise is a significant feat given the present industry trends. Valuations have become more realistic with rationalization hitting the market; only those growth-stage startups with solid business fundamentals can now establish trust with VCs," Vivek Sunder, chief executive officer (CEO) of Cuemath, said. Cuemath was founded in 2013 by Manan Khurma and Jagjit Khurma. The edtech startup — the company which has presence in over 70 countries — provides after-school learning programmes for mathematics for Kindergarten to 12th grade. Cuemath, which has raised over $100 million till date, had appointed former Swiggy’s chief operating officer Vivek Sunder as its CEO in 2021. <cmsannotation type="cmsannotation" annotationid="Indian edtech companies staring at a downward trend, say experts" comment="subhead" text="Indian edtech companies staring at a downward trend, say experts">Indian edtech companies staring at a downward trend, say experts</cmsannotation> According to several <a href="https://www.businessinsider.in/business/startups/news/the-edtech-bubble-is-bursting-as-schools-colleges-reopen-and-funds-dry-up/articleshow/91826696.cms">experts and investors Business Insiders</a> spoke to, the Indian edtech firms are expected to face a downwards trend in the near future as schools have reopened. According to a survey by the Ministry of Education, 80% of students found remote learning ‘burdensome’ and also missed their peers. This changing attitude could slow down acquisition of new customers and also threatens the existing base who might shift to an offline mode. “Edtech has received massive traction in terms of funding over the last 2 years, however the ability to create retention on products built by some of them is not promising,” Neha Khanna, director at management consultancy firm ValPro, told Business Insider India. “In such a scenario, it increasingly becomes expensive to acquire a customer given the competitive landscape and the value ascribed to each customer may not be commensurate with such acquisition costs,” she added. The edtech industry is also expected to be the biggest source of layoffs in the Indian startup ecosystem. So far, edtech companies like Unacademy, Vedantu and Front Row have already laid off about 1,700 people. SEE ALSO <a href="http://www.businessinsider.in/business/startups/news/this-startup-which-makes-satellite-launches-cheaper-and-faster-raises-funds-to-start-commercial-operations/articleshow/91937856.cms" data-type="tilCustomLink">This startup which makes satellite launches cheaper and faster raises funds to start commercial operations</a> <a class="tout-title-link" href="https://www.businessinsider.in/business/telecom/news/mukesh-ambanis-jio-lags-behind-airtel-which-is-the-top-telecom-brand-in-india/articleshow/91935279.cms">Mukesh Ambani's Jio lags behind Airtel which is the top telecom brand in India</a> <a href="http://www.businessinsider.in/business/corporates/news/zomato-paytm-nykaa-and-others-spent-6000-crore-on-their-employees-last-year/articleshow/91931970.cms" data-type="tilCustomLink">Zomato, Paytm, Nykaa and others spent ₹6,000 crore on their employees last year</a>

Google-backed Cuemath valued at $407 million as experts expect edtech slump

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Our aim is to become a billion dollar company by the end of 2022: Arvind Iyer, Cuemath

Samarpita Banerjee

20 CEOs of these startups have quit this year amid regulatory concerns, funding winter

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Google-backed Cuemath valued at $407 million as experts expect edtech slump

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