Interactive online tutoring platform Vedantu on Friday raised $42 million in a Series C funding round led by Tiger Global and WestBridge Capital. Existing investors Accel, Omidyar Network India and TAL Education, as well as Prince Maximilian of Liechtenstein & CEO, LGT group and the founders of Vedantu, also participated in the round. LGT Group is the largest family-owned private banking and asset management group in the world.
The funds will be utilized to establish Vedantu as a top brand in the LIVE online tutoring space in India, scale operations, expand its learner base, and deepen investments in tech and content capabilities.
Vedantu has over 1 million lifetime users on its platform. An industry first in the use of artificial intelligence and machine learning in online education, Vedantu recently launched W.A.V.E – a personalized and interactive form for online learning platforms.
Vedantu offers both one-to-one and one-to-many tutoring on its platform for students from 6th to 12th grades, in all major subjects (Maths, Science, Social, English) and school boards (CBSE, ICSE, IB). With learners across 1000+ cities and 30+ countries, Vedantu’s platform sees 15 million users accessing free content every month, with 1.2 million LIVE hours done to date. Around 500+ teachers provide LIVE classes to 150,000 learners per month. Further, W.A.V.E has been granted an IP patent for ‘measuring the effectiveness of an interactive online learning system’ that helps teachers in identifying a student’s attention level. The platform helps student-teacher interaction, doubt-solving, participation in gamified quizzes, and customization of teaching patterns owing to constant feedback. Through all these capabilities Vedantu’s LIVE classes are interactive and engaging than a passive-recorded video.
Speaking on the development, Vamsi Krishna, CEO and co-founder, Vedantu said, “Traditionally, students have utilised online learning as an afterthought to other forms of academic preparation. At Vedantu we want to turn this around and make live classes a genuine alternative to offline coaching and tuition classes. Today 30% of our students are using Vedantu as their only source of learning. This is just the beginning. Our product is our core differentiator where we offer a full-stack solution with a better quality teacher at affordable prices. We will use this funding towards boosting our technology, content capabilities and building the brand and expanding our services for learners across India.”
According to Sandeep Singhal, managing director, WestBridge Capital, “Vedantu’s founders have built a rare digital destination with a highly differentiated product with the potential to create impact with a sustainable business model – we look forward to partnering them in their next phase of growth as they build India’s premier K-12 ed-tech business.”
Source: Mint