Vedantu Becomes Second Most Valued Edtech Startup After Raising $100 mn in Series D Round
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Edtech startup Vedantu has raised USD 100 million as part of its Series D round led by US-based investment firm Coatue. A clutch of existing investors also participated in the round.
This capital infusion has valued Vedantu at USD 600 million, making it the second most valued company in the Indian Edtech space, after Byju’s valued at USD 10.5 billion.
Founded in 2014 by Vamsi Krishna, Anand Prakash and Pulkit Jain, Vedantu claims to be the first company to start live tutoring. It offers live interactive classes to students across grades K1-12, for all major boards and top competitive exams, such as Joint Entrance Exam (JEE) for admission into engineering colleges and National Eligibility cum Entrance Test (NEET) for medical colleges.
Edtech startups have seen massive growth in the last four months as students flocked to online learning amidst the lockdown imposed to contain the spread of Covid-19 virus. Vedantu claims to have clocked growth of 220 per cent during this period, with more than 2 million students attending and teachers delivering over 8 million hours of live classes.
With the latest funding, the company plans to expand into new categories and firmly establish itself as the leading brand in the online live tutoring space.
Commenting on the development, Vamsi Krishna, CEO and Co-Founder, Vedantu said, "Vedantu has always believed in the concept of LIVE interactive classes being a superior format for online learning which creates greater learning outcomes. During lockdown, everyone is talking about LIVE classes and it is the best time for us to drive more adoption and strengthen our brand as the best destination for LIVE classes. On top of adding new categories, we will use the funds to invest into content and technology to create the world’s best LIVE teaching-learning experience.”
Over 1 million students attend live classes on the platform every month, whereas more than 25 million users from over 1000 cities and 40 countries access free content, tests, doubts, videos on Vedantu's platform and its channels on YouTube.
With the latest funding, Vedantu’s total funding till date stands at USD 200 million. Rahul Kishore, Managing Director, Coatue will also join Vedantu's board, as per the prepared statement from the company.