New Delhi, 17th July 2020: Online live tutoring platform Vedantu raises $100 million (about ₹752 crores) in funding, led by US-based investment firm Coatue.
The Series D round also saw participation from existing investors as well including Tiger Global Management, Accel Partners, Omidyar Network, TAL, and WestBridge Capital.
Vedantu’s total fundraising has crossed USD 200 million. The latest $100 million funding round pushed Vedantu’s valuation to USD 600 million.
Rahul Kishore, managing director of Coatue, will also join Vedantu’s board, it added.
Vedantu said the latest infusion has made it the ‘second most valued company in the Indian edutech space after Byju’s.
Indian edu-tech firm Byju’s have the highest valuation of USD 10.5 billion.
Vedantu has always believed in the concept of LIVE interactive classes being a superior format for online learning which creates greater learning outcomes.
During the 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,’ Vedantu CEO and co-founder Vamsi Krishna said.
He added that apart from adding new categories, the funds will also be invested into content and technology.
Started in 2014, Vedantu offers live interactive classes to students across grades K-12 and also for top competitive exams like JEE and NEET.
Vedantu said it has recorded a growth of 220 percent during lockdown with more than 2 million students attending classes and teachers delivering over 8 million hours of live classes.
‘Online learning adoption in India is at an all-time high setting a new benchmark for the rest of the world. As we continue to focus on driving high-growth ventures, our investment in Vedantu marks our entry into the Indian edu-tech market,’ Kishore said.
Over 1 million students study live every month on Vendantu’s platform. Also, more than 25 million users from over 1,000 cities in India and overseas access free content, tests, doubts, videos on Vedantu’s platform, and its channels on YouTube every month.