Bengaluru-based online education startup Vedantu has raised $42 million in a Series C funding round led by Tiger Global and WestBridge Capital, the company announced in a statement.
The latest round also saw participation from existing investors, including Accel, Omidyar India, TAL Education, Prince Maximilian of Liechtenstein, the CEO of LGT Group, and co-founders of Vedantu. The company said that the fresh proceeds will be utilized to scale operations, expand its learner base, and deepen investment into tech and content capabilities.
Founded in 2011 by Vamsi Krishna, Anand Prakash, Pulkit Jain and Saurabh Saxena, Vedantu is a live online tutoring platform that provides personalized learning by using technology to bring together teachers and students on a single platform to enable live learning between them. The startup has over 500 teachers on its platform delivering superior teaching to students across 500+ cities worldwide. It claims to have about 15 million users with significant number of them from Tier II and III cities.
Speaking about its product, how the latest fund will be utilized and its future plans, Vamsi Krishna, Co-founder and CEO of Vedantu, said,
“Our product is our core differentiator where we offer a full-stack solution with a better quality teacher at affordable prices. We will use this funding towards boosting our technology, content capabilities, and to build the brand and expand our services for learners across India.”
The company has recently launched a built in-house technology called W.A.V.E. The technology enables student interact with the teacher one-on-one or one-to-many, ask and clear doubts, get instant feedback in real-time virtual learning environment, and participate in gamified quizzes.
Praising Vedantu’s founders, their product and its association with the company, Sandeep Singhal, Manging Director, WestBridge Capital, said,
“Vedantu’s founders have built a rare digital destination with a highly differentiated product with the potential to create impact at scale with a sustainable business model - we look forward to partnering them in their next phase of growth as they build India’s premier K-12 edtech business.”
Meanwhile, it seems like Tiger Global has been aggressive in investment of late. Soon after pouring in huge capital in three consumer-focused startups, UrbanClap, INDwealth and Interviewbit Academy, the New York-based hedge fund along with WestBridge Capital has led this $42 million round in Vedantu.
Needless to mention, Vedantu has earlier this month secured another Rs. 9.42 crore in debt and preference funding from Trifecta Capital. Prior to that, the company had received $11 million funding from Omidyar Network and Accel Partners in 2018 and $5 million from Accel Partners and Tiger Global in 2015.