Vedantu obtains unicorn status after raising USD 100 million in funding
Category: #technology  By Akshay Kedari  Date: 2021-09-30
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Vedantu obtains unicorn status after raising USD 100 million in funding

Online learning platform Vedantu has reportedly secured USD 100 million during a Series E funding round. The company is now the latest Indian startup to join the Unicorn club following a strong growth year.

The latest funding was led by Singapore-based and Temasek-backed ABC World Asia, with added participation from existing investors including Coatue Management, GGV Capital, Tiger Global, as well as WestBridge. The company is now valued at USD 1 billion, up from USD 275 million recorded last year.

For those unaware, Vedantu offers live and interactive lessons, especially for students in grades six to twelve. The platform allows students who have signed up for the interactive classes to answer questions by tapping on their smartphones or clicking on the desktop.

Vedantu has also teamed up with the cable operators like Tata Sky and Airtel TV to offer courses to students on their respective satellite cable televisions, offering a large suite of lessons at no added costs. The Bangalore-based startup claims to have around 35 million monthly active users as well as around 20,000 paying clients.

Confirming this, the co-founder and Chief Executive at Vedantu Vamsi Krishna was quoted saying that the company’s revenue has also grown 4 times since last year, with the current annual run rate of around USD 65 million.

Vedantu intends to use the fresh funds to expand its product offering, targeting students between grades one and five. The startup is also pushing for international expansion, eyeing some merger or acquisition opportunities.

If market speculations are right, India’s edtech market is likely to be worth USD 126 billion by 2022, up from just USD 63 million previously recorded back in 2016. The total number of users had also reached 90 million in April 2020 from 45 million reported in 2019, since the COVID-19 outbreak compelled most students to opt for online education platforms.

Source Credits –

https://techcrunch.com/2021/09/29/indian-online-learning-platform-vedantu-becomes-unicorn-with-100-million-funding/?guccounter=1

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Akshay Kedari    

Akshay Kedari

Akshay holds a Bachelor’s degree in computer engineering. Despite having a penchant for software development and the like, Akshay took to writing as a career owing to his passion for the field. Presently, Akshay writes articles for itresearchbrief.com and a few oth...

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