Ed-tech startup Vedantu To Raise $10 Mn From New VC Investor
Bangalore-based online tutoring startup Vedantu Innovations Pvt. Ltd has raised up to $10 million (Rs 65 crore) in a fresh round of funding, two people aware of the development said.
The seven-year-old company has already received $3 million from new investor Omidyar Network and $2 million from existing backer Accel Partners, one person wishing anonymity said.
The second person said the fundraising round, when completed, is likely to value the company around Rs 130-140 crore. The fundraising is likely to be part of the company’s Series B round.
The company had raised $5 million in a Series A round from Accel and Tiger Global Management in May 2015.
Late last year, the company raised close to $1 million in what was likely a bridge round of funding from Accel, the second person cited above said. In November 2016, it had raised around Rs 14.5 crore ($2.25 million) from Accel and Tiger Global, he added.
Vedantu chief executive and co-founder Vamsi Krishna confirmed the company was in the midst of a fundraising exercise.
“We are raising $8 million and are looking to add another $1-1.5 million,” he said but refused to elaborate because the fundraising round hasn’t finished.
Vedantu was founded in 2011 by Krishna, Anand Prakash, Saurabh Saxena and Pulkit Jain. Its online platform allows interaction between the student and the tutor via a whiteboard, audio, and video environment.
The company offers one-year courses for CBSE and ICSE students in classes 9 to 12. Subjects offered include math, physics, chemistry, and biology. For students in classes 11 to 12, Vedantu offers courses on engineering entrance exam.
The ed-tech venture operates in 10 Indian cities including Delhi, Mumbai, Bengaluru, Hyderabad, and Chennai. It also offers courses for students in West Asia and Singapore.