Bangalore-based live online tutoring start-up Vedantu has raised $42 Million in a Series C funding round led by Tiger Global and WestBridge Capital. Existing investors Accel, Omidyar India and TAL Education have participated in the round as well.
Before this round, Vedantu has raised $19.9 Mn, with an $11 Mn funding round led by Omidyar Network last year.
Vedantu is an interactive online tutoring platform where teachers provide school tuitions to students over the internet, using a real-time virtual learning environment named WAVE (Whiteboard Audio Video Environment), a technology built in-house. Vedantu is said to operate on a marketplace model for teachers, where students can browse, discover and choose to learn from an online tutor of their choice.
Founded in 2014 by Vamsi Krishna, Anand Prakash, and Pulkit Jain, Vedantu is India’s leading online tutoring company which enables students to learn live. The company reportedly claims to have 15 Mn free users and 150K paid users for its live tutoring program. A significant number of its users are from Tier II and III cities.
The funds will be utilized to establish Vedantu as a top brand in the LIVE online tutoring space and scale operations, expand its learner base, and deepen investments in tech and content capabilities.
The founders had previously founded Lakshya in 2006, which was acquired by BSE-listed MT Educare in 2012.
It has some 500+ teachers who have taught more than 1 Million hours to 40,000+ students spread across 1000+ cities from 30+ countries. It primarily provides these services to students of grade 6th to 12th for Indian Certificate of Secondary Education (ICSE) & Central Board of Secondary Education (CBSE) curriculum throughout India and the Middle East.
Speaking on the development, Vamsi Krishna, CEO, and co-founder, Vedantu said, “Traditionally, students have utilized online learning as an afterthought to other forms of academic preparation. At Vedantu we want to turn this around and make live classes a genuine alternative to offline coaching and tuition classes. Today 30% of our students are using Vedantu as their only source of learning.”
“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 building the brand and expanding our services for learners across India.” He added.
Including the latest funding, Vedantu has raised $58 million in total across three funding rounds. The ed-startup space has observed some significant growth recently with nearly three times of growth every year, and Vendantu would like to maintain the same pace. According to consulting firm Technopak, the Indian education market is expected to almost double to $180 billion by 2020 from $100 billion in 2016.