Bengaluru-based LIVE interactive online tutoring platform Vedantu has secured additional $24 million as part of its $42 million Series C financing round it raised in August last year.
The funding was led by global venture capital firm GGV Capital and participated by some of the company’s existing investors. With this, Vedantu has raised a total amount of $85 million to date. The company said it will use the fresh funds to build its brand and expand into new categories like early childhood learning and lower grades, adding new experiences and dimensions for young learners from metros to small towns to grasp concepts in a fun and engaging manner.
Speaking on the occasion and sharing its future plans, excited Vamsi Krishna, Co-founder and CEO, Vedantu, said in statement,
“Impact at scale is our singular driver. With a core focus on learning experience and outcomes, the impact that we have had on our learners drives us in our next phase of exponential growth. As we continue to grow our student enrolments by 4.5x year on year, we are gearing to invest in brand and entering very strongly in new categories of age group 4-10 years beyond current customer segments. 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 offers individual and group classes delivered by experienced teachers in a LIVE real-time, virtual learning environment. It currently focuses on learners from grade 6-12 offering tutoring in all major subjects and school boards, including CBSE, ICSE, and IB. Now, with the new investment, the startup will start reaching out to kindergarten to grade 5 learners as well. With learners across 1000+ cities and 40+ countries, Vedantu’s platform has grown to 25 million users accessing free content every month, with 6 million learners per month taking live classes on its platform. Vedantu claims to currently have over one million lifetime users on its platform.
Commenting on the investment, Hans Tung, Managing Partner at GGV Capital, who also joined the board of Vedantu as part of the investment, said,
“With GGV’s track record in the edtech space launched by my colleague Jenny Lee in 2013, we look for teams that deliver technology-enhanced education that fits the local needs. We think Vedantu has hit an inflection point with its WAVE product, through which teachers with a track record of delivering superior results can offer personalized education to many students at once. 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.”
Vedantu differentiates itself from other edtech platforms through its proprietary live online tutoring product called WAVE. The technology tracks and measures student learning outcomes over 70 parameters, helping teachers understand where a particular student excels or struggles. It 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, and more.
Earlier, Vedantu’s $42 million Series C round in August last year was led by Tiger Global and WestBridge Capital. Other existing investors of the company like Accel Partners, Omidyar India, TAL Education, and Prince Maximilian of Liechtenstein, CEO of LGT Group, also participated in that round.