If the recent acquisition spree from Byju’s did not already make it clear, the edtech industry has been growing at a rate that could not have been imagined back in 2019, thanks to the pandemic and the shift to remote learning. India is one of the biggest markets in the edtech sphere, and has given birth to the likes of Byju’s, Unacademy, and many more. Thus, it’s no surprise that after more than 2 dozen startups, India’s latest unicorn belongs to the edtech market. Today, Vedantu has announced that it has raised $100Mn, surpassing the $1Bn valuation mark.
The Series E funding round was led by Singapore based ABC World Asia. Existing investors Coatue Management, Tiger Global, GGV Capital, and WestBridge also “strongly” participated in the round.
Vedantu caters to school going kids, and offers live interactive courses for students from grade 6 to 12th. Moreover, it also allows students to prepare for competitive exams such as IIT-JEE, NEET, Commerce, CBSE, ICSE, and state exams such as Maharashtra boards. It has already amassed over 35 million monthly active users, and as of last year, had 200,000 paying customers.
With this new funding, it plans to become profitable in the next two years.
Vedantu competes against Byju’s and Unacademy in one of the biggest educational markets in the world. India is known as a country that’s powered by its youth, and is home to the biggest school age population around the world. Thus, solutions like these which allow Indians to bypass geographical barriers to avail high quality learning are quickly gaining traction. In fact, Vedantu is now the fifth edtech startup of India to enter the unicorn club.
The online platform said it has continued to be a pioneer in India’s K-12 tutoring space with several first-time innovations that include WAVE, its proprietary LIVE teaching platform, and the 2-teacher model.
Vamsi Krishna, CEO, and Co-Founder, Vedantu said, “Back in 2014, when we held our first LIVE class, nobody believed this would work. It is super satisfying to see this format becoming mainstream and Vedantu leading the way in innovative online delivery experiences. We will continue to innovate to reach as many students as possible and create 10x better experiences and outcomes for every child at Vedantu.”
