- Bengaluru-based startup raises $100m Series E funding and the proceedings will be used to expand into newer categories through both organic and inorganic routes.
- The startup becomes the fifth edtech to join the $1b club this year after, BYJU’s, Unacademy, UpGrad and Eruditus.
- Education is still very early, much more transformation is still to come which we wish to drive forth, CEO says.
India’s first live online tutoring app – Vedantu – attains unicorn status with the $100 million Series E funding and the proceedings will be used to expand into newer categories through both organic and inorganic routes.
The latest round was led by Singapore-based ABC World Asia, and existing investors such as Coatue, Tiger Global, GGV Capital and Westbridge, among others.
The Bengaluru-based startup becomes the fifth edtech to reach unicorn status this year after, BYJU’s, Unacademy, UpGrad and Eruditus.
The Rainmaker Group acted as the exclusive financial advisor to Vedantu on their fundraising.
In July 2020, Vendatu raised $100 million in the Series D round.
Vedantu offers tutoring courses to young students from 3 years old to 18 years old, as well as preparation for competitive exams such as IIT-JEE, NEET, Commerce, CBSE, ICSE, and state exams such as Maharashtra boards.
Innovation to continue
“We will continue to innovate to reach as many students as possible and create 10x better experiences and outcomes for every child. Even though we have made quality teaching affordable and enabled it to reach masses since our inception, it’s still very early, much more transformation is still to come which we wish to drive forth,” Vamsi Krishna, CEO and Co-Founder, Vedantu, said.
He believes that education has a long cycle, and changes take time to manifest.
“Our vision is simple: Unleash the potential in every child. Seeing any significant change requires patience and the tenacity to sustain long term. With that in mind, we want to create a company that outlasts our lives and continues to innovate for decades to come,” he said.
Edtech experiences meteoric growth
The edtech startup was launched in 2014 by Anand Prakash along with Vamsi Krishna and Pulkit Jain, and catered to over 200,000 paying students last year, a 300 per cent increase year on year.
Its revenues increased 4.5x over the previous year, making it the fastest growing online education company in this space and the overall second-largest company in K-12 in terms of revenue and number of students.
Sugandhi Matta, Chief Impact Officer at ABC World Asia, said that online education in India has the potential to extend the scope of ‘right to education’ to students in the underserved community and capture the ‘next half billion’ income group, representing over half of the country’s student population.
With edtech experiencing meteoric growth in India, she said that Vedantu is driving the tectonic shift towards online learning.
“Vedantu’s innovative platform empowers teachers who have delivered excellent results to offer personalised education to many students at once, creating the potential for impact at scale. We are pleased to partner with Vamsi and the Vedantu team as they continue to scale and shape learning outcomes for students in India.”
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