Round led by Omidyar Network with participation from Accel & overseas Education conglomerate
Bangalore - India, November 26, 2018: Vedantu - a leading EdTech platform and pioneer of the ‘live online, interactive’ class has raised funds of $11 million (INR 79 crores). The company’s proprietary technology platform allows interaction between the student and the teacher via an online whiteboard and an audio and video environment. Students also access content, take assessments and get their learning report on the platform. Vedantu aims to deploy the majority of these funds for further technology development to create a more personalized LIVE learning experience for students and to develop its Student App.
Vedantu started operations in 2015 and has currently completed 800,000 hours of LIVE classes with a student base of 40,000 from grades 4 to 12 (for CBSE & ICSE Boards) and works with 500 teachers. The teachers who are chosen after a rigorous selection process are spread over 80 cities. Each tutor must maintain a high rating from students to continue teaching.
According to a report by Google and KPMG, the online education industry in India is poised to grow eight times to become a $1.96 billion industry by 2021 as an increasing number of students consume content through e-routes. In this segment, primary, secondary and supplemental education is likely to see the highest uptake and paid user base is estimated to touch 9.6 Mn users in 2021.
According to Vamsi Krishna, Vedantu CEO and Co-Founder, “Our aim at Vedantu has always been to reimagine and improve the way teaching and learning have been happening for decades. Today on Vedantu, thousands of students from all across the world study virtually with teachers, who are located far away from them. By using technology tools, data and AI, we are not just connecting these students to amazing teachers, but we are able to create a superior learning experience for students and aid in their outcome improvement, which is unlike any offline experience. Teaching and learning are set to transform at a rapid pace and our mission at Vedantu is to accelerate these transformations.”
Siddharth Nautiyal, investment partner, Omidyar Network said, “The lowering data costs and availability of high speed internet is making the online teaching model a reality. Vedantu's one-to-many live classes are disrupting the market while providing students a meaningful learning experience through ‘star’ teachers and an AI-powered platform to students in over 400 cities. We are excited about our partnership with Vedantu as they build a solution for the next half billion Indians who are coming online for the first time.”
“As one of the early starters, Vedantu is a category defining company in online LIVE tutoring. Their constantly evolving tech platform combines the best of teaching & learning experience making education accessible, affordable and impactful. We are committed to Vedantu’s vision & excited to be a catalyst in this journey”, added Anand Daniel , Accel Partners.
The name Vedantu is formed by two Sanskrit words Veda (Knowledge) + Tantu (Network), signifying a 'Knowledge Network' where any student can tap into and learn from a teacher, anytime-anywhere. Vedantu`s founders Vamsi Krishna, Anand Prakash and Pulkit Jain did their first venture in education, Lakshya, in 2006 which later got acquired by a listed company called MT Educare (Mahesh Tutorials) in 2012. As part of Lakshya the founders taught and mentored more than 10,000 students and trained more than 200 teachers between. Vedantu is India's leading Online education company which specializes in providing LIVE Interactive classes for students from some of India's best curated teachers. Vedantu`s USP is its quality of teachers. It has some 500+ teachers who have taught more than 1 Million hours to 40,000+ students spread across 1000+ cities from 30+ countries. Vedantu was found by IITian friends who have been teachers themselves with over 13 years of teaching experience and having taught over 10,000 students.
To know more about Vedantu log onto, www.vedantu.com.
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