Cuemath, an Indian online education platform, plans to raise at least $100 million in a new financing round this year, with the company aiming for a valuation of $1 billion by the end of 2022.

Over the last year, education technology companies have seen an increase in the use of their products and services as more people have switched to remote learning in response to the COVID-19 pandemic.

Cuemath is India's online math learning and coding programme for students in kindergarten through tenth grade across all school boards in more than ten countries. The Cuemath Program was created to help children develop a strong math and coding foundation by honing their concept knowledge, aptitude, and reasoning skills.

Manan Khurma, Chief Executive and Founder of Cuemath, told that the Bengaluru-based company hoped to close a Series D funding round of at least US$100 million by December, which would be used to fund growth plans, including acquisitions of other platforms.

"We have interest coming in from across the globe," he said, adding that the process would start in about three months.

Cuemath raised US$40 million in a Series C round last February, which included investments from Lightstone Aspada and Alpha Wave Incubation, Sequoia Capital India, Manta Ray, and Alphabet Inc's independent growth fund CapitalG.

Based on its current growth trajectory, Cuemath was on track to be valued at US$1 billion in the next 12 to 18 months, Khurma said, without disclosing the company's current valuation.

Cuemath, which was founded in 2013, hopes to have 500,000 to 1 million students signed up for its math and coding platform in 50 countries by March 2022. It has now taught over 200,000 students in over 20 countries.

The company, whose core markets are India and the United States, is now formally expanding in the United Arab Emirates, where 25,000 students signed up during a soft launch earlier this year.

According to Khurma, the company is also considering expanding into Singapore, Australia, and New Zealand.