Teachmint Launches TeachPay: The Creative Paying Method for Education

Edtech startup Teachmint launches TeachPay to regulate its fee collection due to a significant increase in its expenses. Teachmint is an online, video-first teaching platform that aids teachers in digitizing their classrooms. It was founded in 2020 by Mihir Gupta, Payoj Jain, Divyansh Bordia, and Anshuman Kumar. The likes of Lightspeed India, and Rocketship.vc, Goodwater Capital, and Better Capital are among its backers.

The start-up gives instructors the ability to run live sessions, record and preserve lectures, arrange their courses, automate performance reviews, keep track of administrative tasks, and collect payments.

Teachmint was established in 2020, and FY22 marked the first time operating revenue was reported. For the fiscal year that concluded on March 31, 2022, it generated INR 77.45 lakh in operating revenue.

Edtech startup Teachmint reported an intended rise in its net loss to Rs 131.70 Cr in the fiscal year 2021–2022 (FY22) from Rs 5.52 Cr in FY21 as a result of a significant rise in its expenses.

Teachmint also disclosed a sizeable non-operating revenue from interest on current assets and term bank deposits, among other things. From INR 38.59 Lakh in FY21, the ed-tech startup’s total revenue increased to INR 12.67 Cr.

The largest portion of overall expenses, or INR 73.1 Cr, comprised employee benefit expenses, which increased 45X from INR 1.63 Cr to INR 73.1 Cr in FY22.

Moreover, the cost of advertising increased 14X to INR 36.76 Cr from INR 2.66 Cr in FY21. Teachmint spent another INR 17 Cr on membership dues and subscriptions, and it ended up spending INR 5 Cr in legal expenses for the year.

According to unit economics, the company had to spend 187 INR to make 1 INR in operating income in FY22.

Teachmint underwent a restructuring in November of last year that resulted in the firing of 45 employees, or 5% of its staff.

The edtech startup’s most recent fundraising round was $78 Mn in its Series B round, which took place in October 2021. To date, it has raised $118 million in investment.

TeachPay, a fintech solution for education that gives schools a reliable way to control their fee collection, was introduced last week. TeachPay may employ cutting-edge payment methods like QR codes and UPI to collect ancillary fees and can collect and deposit the payments in many bank accounts with an auto split.