Bengaluru-based interactive online live tutoring platform Vedantu has announced that it has raised $100 million as part of its Series D financing round. The company said that the new financing round was led by US-based Coatue along with participation from existing investors as well. With this round, Vedantu's valuation has jumped to $600 million, making them the second most valued company in the Indian Edtech space. Interestingly, Vedantu's announcement also comes at a time when online education in the country has been witnessing a significant surge amid the Covid-19 crisis. With this sudden shift, experts have also opined that the adoption of online learning will continue to persist in the post-COVID world.
"Vedantu has always believed in the concept of LIVE interactive classes being a superior format for online learning which creates greater learning outcomes," said Vamsi Krishna, CEO, and Co-Founder of Vedantu. "During the lockdown, everyone is talking about LIVE classes and it is the best time for us to drive more adoption and strengthen our brand as the best destination for LIVE classes. On top of adding new categories, we will use the funds to invest in content and technology to create the world’s best LIVE teaching-learning experience," he added.
Founded in 2014, Vedantu offers Live interactive teaching to students across grades K1 to 12, for all major boards and competitive examinations like JEE and JEFT. Vedantu said it has recorded a whopping growth of 220% during Covid-19 induced lockdown with more than 2 million students attending live classes and teachers delivering over 8 million hours of live classes. The company also entered the early learner segment by launching a coding program called "Vedantu SuperKids" that focused on children between 6 to 12 years. Vedantu claims that it has plans of launching more programs in this category soon.
"Online learning adoption in India is at an all-time high setting a new benchmark for the rest of the world. As we continue to focus on driving high-growth ventures, our investment in Vedantu marks our entry into the Indian EdTech market," Rahul Kishore, Managing Director, Coatue said.