by year end
The company that provides home-based, after-school learning program in mathematics also announced achieving a milestone of 20,000 students and said it aims to reach 50,000 students by the end of this year.
"We have our internal numbers, for us more important is how do we get there how do we grow. We want to grow in a very sustainable manner; we want to make sure we build with quality. We want to select right teachers, we want to empower them correctly and our true mission is the end user- the student," Cuemath's founder, and CEO Manan Khurma said.
Speaking to reporters, he said "Subject to these broad constraints we still have a very healthy growth projected for this year and going by how we are growing today we will be at about 50,000 students by the end of this year.We think we will scale to about 4,000 to 5,000 centres by the end of this year."
Founded in 2013, Cuemath has raised series of funding led by Sequoia India, Unitus Seed Fund, Alok Mittal, the most recent one being the series B funding of USD15 million from CapitalG (formerly known as Google Capital).
Stating that Cuemath strongly believes in the potential of its model to scale in tier two cities, Khurma said, "we think there is a huge market in tier two cities."
He said "The plan is to go aggressive in terms of growth in Tier two cities from next year on wards. This year we are consolidating our presence in the tier one cities."
Cuemath said as of today it has about 2,600 teachers across the country.
Noting that every child pays Rs 2,000 per month on an average across the country, the company officials said the business model is a revenue share.
"Whatever revenue is generated in a teacher's center is split in a 60:40 ratio, and teachers retain the 60 per cent of the revenue and the company takes 40 per cent," they said.