Investors are becoming more confident about online education platforms in India as startups demonstrate growth at the height of a global pandemic that has seriously affected other industries.
The Vedantu startup in Bangalore said Thursday it had raised $ 100 million in its Series D funding round, just five months after closing its Series C funding.
Coatue, based in the United States, led Vedantu's new six-year financial round with the participation of some existing investors. The new funds valued Vedantu at $ 600 million, up from $ 275 million in February of this year when the startup closed its extended Series C round. So far Vedantu has raised around $ 200 million.
Vedantu offers live and interactive courses for students in grades 6 and 12 and in recent months has expanded its catalog to serve students of grades one through five, said Vamsi Krishna, startup co-founder and CEO, in an interview with ProWellTech.
Students who have signed up for interactive sessions are required to answer questions every few minutes by touching the smartphone screen or on the desktop. They can also raise their doubts at the end of the session. Some of these sessions are free for students, but a selection requires a subscription, says Krishna.
Today Vedantu serves 25 million students every month. The startup has accumulated another 2 million students in recent months when schools have closed across the nation after New Delhi imposed a blockade.
Krishna said that Vedantu adds more than 20,000 paying subscribers to the platform every month. More than one million students attend live lessons on the platform every month, he said.
"The adoption of online learning in India is at the highest level and represents a new point of reference for the rest of the world. As we continue to focus on promoting high growth initiatives, our investment in Vedantu marks our entry into the Indian EdTech market. This move underscores our collaborative strategy with strategically positioned companies for high growth and scale. We are excited to partner with Vedantu in the next growth phase, "said Raueh Kishore, Coatue's CEO, in a statement.
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