Education technology start-up Vedantu has raised Rs 171 crore (USD 24 million) in a round led by global venture capital firm GGV Capital with participation from existing investors.
This was in addition to the Rs 299 crore raised by the firm in August 2019.
“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. 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,” Vedantu CEO and co-founder Vamsi Krishna said in a statement.
With this round, the total fundraised by the company stands at around Rs 600 crore.
Krishna said that the company sees 4.5 times year on year growth in student enrolments and it is now gearing to invest in brand and entering very strongly in new categories of age group 4-10 years beyond current customer segments.
“With over 1 million lifetime learners engaged on its online learning platform, Vedantu will explore opportunities to scale impact as it achieves four times growth this year,” the statement said.
“We are excited to partner with Vamsi and the Vedantu team and share GGV’s global expertise and network to help them scale and shape learning outcomes for millions of students in India and beyond,” GGV Capital Managing Partner Hans Tung said.
Tung is also joining Vedantu’s board.