Bengaluru-based online tutoring startup Vedantu has raised $24 Mn in a Series C funding round led by global investment firm GGV Capital. The edtech startup’s existing investors also participated in the round.
Vedantu plans to use this funding to invest in “brand leadership” and also expand into new categories such as tutoring for students studying in kindergarten to fifth grade. The company believes that it can influence the experiences of young learners from metros and small-town India by bringing them fun and engaging courses.
“As we continue to grow our student enrolments by 4.5x year on year, we are gearing to invest in the brand and entering very strongly in new categories of age group 4-10 years beyond current customer segments,” Vamsi Krishna, cofounder and CEO of Vedantu, said.
Back in August 2019, Vedantu raised $42 Mn in Series C round led by New York-based Tiger Global Management and WestBridge Capital. Its other investors include Accel, Omidyar India and TAL Education had also participated in the round, along with Prince Maximilian of Liechtenstein and Vedantu founders — Vamsi Krishna, Anand Prakash, and Pulkit Jain.
Vedantu also raised $1.3 Mn (INR 9.42 Cr) in Series C debt plus preference funding from Trifecta Capital in August last year. Prior to that, the edtech startup raised $11 Mn in Series B funding round led by philanthropic investment firm Omidyar Network, with participation from existing investor Accel Partners. So far, the company has raised a total of $66 Mn across rounds.
Founded in 2014, Vedantu is an interactive online tutoring platform that enables teachers to provide tuitions to school students over the internet, using a real-time virtual learning environment named WAVE, which is a technology built in-house. As per the company, WAVE has come up with more than 70 parameters.
Krishna told Inc42 in an earlier interaction Vedantu ensures parents have a clear view of the progress of the learner through regular quizzes and tests, performance reports, and parent-teacher meetings every quarter. It also has a counsellor to guide students through challenges.
The company claims that it helps 25 Mn users monthly to access free content. Alongside that, Vedantu claims to have over 500 teachers, who provide LIVE classes to about 6 Mn learners per month in over 40 countries.