New Delhi: Online tutoring platform Vedantu on Wednesday said it has raised $100 million in a ‘Series E’ round led by Singapore-based impact investment fund ABC World Asia. With the funding, Vedantu has now entered the country’s unicorn club with a “$1 billion valuation”. Bengaluru-headquartered Byju’s is the fifth edtech (educational technology) platform to achieve this feat after Unacademy, Eruditus and Upgrade. In startup terms, a unicorn is a company that is valued above $1 billion.
‘Series E’ implies that a company has, at a certain point, gone through multiple funding rounds.
Vedantu said the funding round also saw strong participation from existing investors – Kotyu, Tiger Global, GGV Capital, Westbridge among others. It added that it “underlines its position as the largest K-12 (Kindergarten to 12th standard) LIVE online tutoring company in India.”
The online platform said it “remains a leader in India’s K-12 tutoring space with several first-time innovations, including WAVE, its proprietary LIVE learning platform, and the 2-teacher model.”
Vamsi Krishna, CEO and Co-Founder, Vedantu said, “In 2014, when we held our first live class, no one believed it would work. Seeing this format become mainstream and Vedantu a pioneer in Innovative Online childbirth experiences. We will continue to innovate to reach as many students as possible and create 10x better experiences and outcomes for every child at Vedantu.”
Sugandhi Matta, Chief Impact Officer, ABC World Asia, said, “Vedantu embodies our investment themes of providing better access to quality education and harnessing digital technology to improve lives and livelihoods. With EdTech, India has witnessed a meteoric rise in growth. Experienced, Vedantu is leading and in class. The creators in Live Online Tutoring are driving the transformational shift towards online learning.”
Vedantu also said that “the latest funding round will close in the next few weeks, with more investors joining in at a later stage.” The edtech platform further noted that Rainmaker Group acted as exclusive financial advisor on Vedantu’s fundraising.
Vedantu currently offers tutoring courses to young students (aged 3 to 18 years), preparing for competitive exams like IIT-JEE, NEET, Commerce, CBSE, ICSE and state exams like Maharashtra Board. SuperKids is its latest offering offering extra-curricular classes like English speaking, reading and coding courses.