[Funding Alert] Edtech Start-up Vedantu Raises $24 Million In Series C Extension Round Led By GGV Capital
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Bengaluru-headquartered edtech start-up Vedantu has raised $24 million in series C extension round led by GGV Capital. It had previously raised $42 million in August 2019 from Tiger Global and WestBridge Capital. The start-up in total has raised $85 million so far.
The 2011 founded live online learning platform has over 1 million lifetime learners, 6 million live students and has more than 25 million users every month from across more than 1,000 cities and more than 30 countries accessing free content, tests, doubts, videos on Vedantu’s platform and its channels on YouTube.
Vamsi Krishna, CEO and co-Founder, Vedantu, commenting on the latest funding said, “As we continue to grow our student enrolments by 4.5x year on year, we are gearing to invest in brand and entering very strongly in new categories of age group 4-10 years beyond current customer segments. We are excited to have GGV Capital back us, as a unique VC firm that has backed some of the world’s most successful companies, this is a huge validation for Vedantu.”
Also Read: EduTech - An Answer to Modern Day Education
The future plan
Vedantu plans to use the funding to develop brand leadership and expand into new categories to early childhood and lower grade learning (kindergarten to class V). Vedantu is also exploring opportunities to scale impact as it achieves 4 times growth this year.
“We want to further our mission to make this new format of live Interactive classes the answer to the current engagement gaps in online education and are very excited about the future,” said Krishna.
The VC’s take
Hans Tung, managing partner at GGV Capital who will also join Vedantu’s board said, “With GGV’s track record in the edtech space launched by my colleague Jenny Lee in 2013, we look for teams that deliver technology-enhanced education that fits the local needs. We think Vedantu has hit an inflection point with its ‘wave’ product through which teachers with a track record of delivering superior results can offer personalized education to many students at once.”
GGV Capital is a multi-stage, sector-focused VC firm that focuses on seed-to-growth stage investments across consumer or new retail, social or digital, enterprise or cloud and frontier tech sectors. GGV Capital manages $6.2 billion in capital across 13 funds.