The edtech platform Bhanzu, which focuses on math, has raised $16.5 million in its Series B investment, which was headed by Z3 Partners and Epiq Capital. Current backers have also taken part in the round, including Lightspeed Ventures and Eight Roads.

The money will be used for US market expansion. The startup is present in the US, the UK, and the Middle East in addition to India.

The Hyderabad-based business raised Rs 119.8 crore, or around $15 million, in its Series A round in September 2022, with Eight Roads Ventures and other investors leading the deal. It was reported exclusively by Entackr.

To date, Bhanzu has raised about $33 million with the new funding.

Although there is a lot of promise in the US math education sector, it is dominated by big, multibillion-dollar corporations that have not successfully embraced technology or developed innovative curricula. Neelakantha Bhanu, Co-Founder and CEO of Bhanzu, stated, "This gap presents a tremendous opportunity for Bhanzu to revolutionize math teaching in the US."

Bhanzu was established in 2020 and offers practical math learning programs that help kids ages 5 to 16 develop their cognitive skills. Its website claims that its array of courses has trained more than 30,000 pupils.

According to the company, it has generated positive cash flow, a great product-market fit across all of its markets, and eight times growth since its last fundraising round.

Although Bhanzu has not yet submitted its FY24 annual financial statements, the company's operating revenue increased by more than 13 times to Rs 47.33 crore in FY23. In FY23, the company's losses also increased by about 18 times, reaching Rs 70.99 crore.

Cuemath, Unacademy, Adda247, and Skillmatics are its rivals.

Edtech businesses are slowly recovering after a sharp decline in investment, as seen by a number of high-profile acquisitions. PhysicsWallah recently raised $210 million, while Eruditus and upGrad raised $150 million and $60 million, respectively.