Vedantu raises $ 100 mn in Series E funding sponsored by ABC World Asia; becomes tech unicorn 5th India

Vedantu raises $ 100 mn in Series E funding sponsored by ABC World Asia; becomes tech unicorn 5th India

Vedantu raises $ 100 mn in Series E funding sponsored by ABC World Asia; becomes tech unicorn 5th India
Vedantu says it has already reached 35 million students and aims to have a dedicated user base by enrolling by the end of the year. The platform currently has 200,000 paid customers
The E-learning platform Vedantu is a newcomer to the Indian unicorn club, with $ 100 million in its Series E financial round led by Temasek-sponsored ABC World Asia, as well as existing Coatue Management investors, Tiger Global, GGV Capital, Westbridge.

Vedantu has hit $ 1 billion, which is a figure from its $ 600 million estimates during the last 2020 fundraiser. With this money, Vedantu has become the fifth edtech to join a unicorn club except for Byju, UpGrad, Unacademy, and Eruditus.
The Bangaluru-based company had previously denied that the company was acquired by industry leader Byjus and consolidated its presence in the tech sector while providing services in partnership with satellite operators. Large tech has also expanded its services to provide preparatory platforms for engineering, aspiring medical students.

The company said it has accommodated 35 million students on the platform and aims to have a base of users working to buy half-year-end purchases. The platform currently has 200,000 paid customers. “We are pleased to announce the $ 100 million Series E led by ABC World Asia. In this cycle, Vedantu’s value is still at $ 1 bn. We would like to thank all our investors for believing in this vision and for having a deep hope for us to make an impact on ratings, ”said Vamsi Krishna, CEO, and founder of Vedantu.

He said the company had never spent half the money from the last round of funding ($ 100 million) and that the focus would be on profitability and blogging over the next 1-2 years.

Back in 2014, when we held our first LIVE class, no one believed this would work. It’s very satisfying to see this format become more popular and Vedantu is at the forefront of the new internet delivery experience. Our vision is simple: Empower everything To reach as many students as possible and create the best practice and 10x outcomes for each child in Vedantu. “Change takes time to produce. To see any significant change requires patience and resilience in the long run. With that in mind, we want to build a company that transcends our lives and continues to innovate for decades to come,” he said. a.

The company plans to use the new money to increase its contributions to first to fifth graders. Like its industry counterparts, Vedantu also plans to expand its global expansion and other meeting and acquisition opportunities.

The Covid-19 epidemic has proved to be a blessing to Indian tech firms, which have also raised high interest rates from investors following the Chinese government’s crackdown on private tech companies in the country.

By 2020, an online learning space in India saw $ 2 billion in funding as the disease hit various sectors, said a report by research firm Traxcn. Market leaders including Byjus, Unacademy, and upgrades have attracted investment in global PE / VC funds and continue to acquire small firms, with specialized technology product or service delivery, leading to continuous integration in the sector. India’s tech industry will reach a market capitalization of $ 30 billion by 2030. Vedantu incorporates our investment themes to provide better access to quality education and to use digital technology to improve lives and livelihoods. In India, online education has the potential to increase the scope of the ‘right to education for students in a well-cared-for society and take up the ‘next half’ income group, which represents more than half of the country’s student population. As edtech faces climate change in India, Vedantu as a pioneer and class builder in LIVE tutoring online is driving a tectonic shift to online learning. Vedantu’s new platform empowers teachers who have brought excellent results to deliver customized education to more students at the same time, creating the potential to impact on the scale. We are pleased to work with Vamsi and the Vedantu team as they continue to measure and build the learning outcomes of Indian students, ”said Sugandhi Matta, Chief Impact Officer at ABC World Asia more.

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