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Online live-tutoring platform Vedantu has raised $24 million as part of its Series C extension round, led by global venture capital firm GGV Capital with participation from existing investors.
This is in addition to the $42 million raised in August 2019, making this a total of $66-million round. Vedantu’s total fund-raise to date stands at $85 million. The RainMaker Group acted as the exclusive financial advisor to the edutech firm on its fund-raise.
Planned expansion
Vedantu will utilise the funds to invest in brand-marketing and expand into new categories — like early childhood to lower grades (kindergarten to class five) — adding new experiences and dimensions to help young learners from metros and small towns grasp concepts in a fun and engaging manner. Vedantu claims to have over one million life-time learners engaged on its online learning platform, and aims to explore opportunities to scale impact as it targets to achieve a four-fold growth this year.
At present, Vedantu has learners across 1,000-plus cities and over 40 countries in its K12 live tutoring category.
‘Impact at scale’
Hans Tung, Managing Partner at GGV Capital, said: “With GGV’s track record in the EdTech space launched by my colleague Jenny Lee in 2013, we look for teams that deliver technology-enhanced education that fits the local needs. We think Vedantu has hit an inflection point with its WAVE product, through which teachers with a track record of delivering superior results can offer personalised education to many students at once.”
“We are excited to partner with Vamsi (Krishna, co-founder and CEO, Vedantu) and the Vedantu team and share GGV’s global expertise and network to help them scale and shape learning outcomes for millions of students in India and beyond,” Tung added. He has now joined Vedantu’s board as well.
Vedantu’s $42-million Series C round last August was led by Tiger Global and WestBridge Capital, in which Accel, Omidyar India, TAL Education, Prince Maximilian of Liechtenstein & CEO, LGT Group also participated.
“Impact at scale is our singular driver. As we continue to grow our student enrolments by 4.5x year-on-year, we are gearing to invest in the brand and entering very strongly in new categories of age group 4-10 years beyond current customer segments. We are excited to have GGV Capital back us, as a unique VC firm that has backed some of the world’s most successful companies ” said Vamsi Krishna.
According to Krishna, Vedantu’s platform sees 25 million users accessing free content every month, with 500 teachers providing live classes to six million learners per month.
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