Bangaluru-based edtech startup Vedantu raised $6.8 Mn in Series C funding round led by KB Global Platform from South Korea, in April.
As per a filing of the ministry of corporate affairs from April 20, in return for the investment Vedantu allotted 3,82,235 Series C2 Compulsive Convertible Preference Share (CCPS) to KB Global at a premium of INR 1,353.29 per share, as per a report in Inc42.
Vedantu also raised $12 million from Legend Capital and Omidyar Ohana Holdings LLC in April 2020. In February, the company raised $24 mn as part of the same funding series from GGV Capital and its other existing investors.
The company also raised $45 Mn in Series C funding round led by New York-based Tiger Global Management and WestBridge Capital, for expansion in India, on 29th August 2019. Vedantu earlier raised $11 million in Series B funding round led by Silicon Valley impact investment firm Omidyar Network.
Vedantu was founded in 2014. It is an Indian Interactive Online coaching platform where instructors give live lessons to students, utilizing a real-time virtual learning app named WAVE (Whiteboard Audio Video Environment), an innovation developed in-house by the company.
It is said to work on a commercial model, where students can browse, find and choose to learn from an online coach of their choice. The platform is targeted at students of grades 4-12 for Indian Certificate of Secondary Education (ICSE) and Central Board of Secondary Education (CBSE) educational curriculums in India and the Middle East.
The platform covers post-school tutoring for subjects like Science (Physics, Chemistry, Biology), Hindi, English, Mathematics, Sanskrit, German, French, Environmental Science, Computer Science and Social Science. Tuition sessions for JEE and NTSE, and Problem Solving Assessment are accessible on the platform as well.
Vamsi Krishna, CEO and Co-Founder, Vedantu told Inc42 that Vedantu saw about 100,000 new users during the first 10 days of the lockdown that started in India in late March. Krishna also added, “the company was seeing a 10x growth in the number of users signing up in the first one week (March 12 is when we opened up our platform for FREE to the students). Post creating awareness amongst the students through (the) media, we have seen a surge of 52X in the number of users signing up till date.”