Vedantu, a pioneer in LIVE online learning in India, has announced its investment in Instasolv, a doubt-solving app for students from Class 6 to 12 for science, mathematics, IITJEE, and NEET.
The Bengaluru-based company has invested $2 million as part of a pre-series A funding in Noida-based Instasolv, with full rights to acquisition. It is Vedantu's first investment in an edtech company and will strengthen its focus in the doubt-solving space, where doubts are solved by quality teachers in a chat format. Instasolv is a leading player in the doubt-solving category and helps students to resolve doubts instantly.
The investment marks Vedantu's growing focus into Tier 3 and Tier 4 towns where the access to quality teachers is a growing challenge and doubt solving is a key imperative for students. The Instasolv team, that also runs askIITians - a highly successful EdTech platform, has in-depth expertise in the education and doubt solving.
Commenting on the investment, Vamsi Krishna, CEO and Co-Founder, Vedantu, said,
"With this definitive shift in consumer behavior from offline to online, Vedantu will continue to explore opportunities to scale impact, strengthen platform features and expand into new categories. Our investment in Instasolv is a strategic step to strengthen our play in doubt-solving, which is one of the key aspects of learning online. We are excited to partner Instasolv and leverage the category as more students join this new learning wave in Tier 3 and Tier 4 markets."
Vedantu has witnessed a manifold increase in terms of the number of enrolments after it announced support to students with free access to its complete learning platform during the Covid-19 lockdown. As learning and teaching methods have changed drastically, and as students continue learning from the safe confines of their homes, the platform has seen a massive increase during this outbreak. Vedantu has claimed to have solved over 1 million doubts for its students. The company said that the number of subscribers on its platform has grown exponentially to 1.1 million, with collections and revenue grew by 80% during this period.
Aditya Singhal, CEO and Co-Founder, Instasolv, said,
"Owing to the pandemic, an increasing number of students are learning from home, which has led to a spurt in the number of queries on our platform. This ascertains that instant doubt solving, and LIVE, online learning go hand in hand. Through Vedantu's investment in Instasolv, we plan to expand our offering and enrich features so that students can access learning on the app itself. We believe that providing access to great teachers and vernacular content (keeping in mind state syllabi) at a price accessible to Tier 3 & Tier 4 town will help drive access to students."
Instasolv, which claimed to receive 3 million questions on its app monthly, can solve doubts instantly for free. To use the platform, a student can simply click a photo of a question or post any question of any exams on Instasolv and get an instant answer from the app. Instasolv uses OCR technology to extract text which further uses AI algorithms to match with a question database to provide an answer in a few seconds to the student.
Vedantu is a LIVE interactive online learning platform for students. It offers individual and group classes delivered by experienced teachers in a LIVE real-time, virtual learning environment. Students also access content, take assessments and get their learning reports on the platform. Over 1 million students study LIVE every month on the platform and more than 25 million users every month from 1000+ cities and 40+ countries access free content, tests, doubts, videos on Vedantu's platform, and its channels on YouTube.
Instasolv is an instant doubt clearing app for students from grade 6 to 12 covering IIT JEE and NEET. Students can take a photo of a question and get an instant answer within a few seconds from the app. Currently, it has 7 million Q&A and it answers almost 100,000 questions on daily basis. Founded by a team of IITians, Instasolv engages India’s top faculty to create answers to doubts as well to deliver online classes at affordable rates.