[Funding alert] Edtech startup Vedantu raises Rs 9.42 Cr from Trifecta Capital
Bengaluru-based edtech startup Vedantu has raised Rs 9.42 crore in debt and preference funding from Trifecta Capital. With this round, the online tutoring platform is expected to be valued at around $100 million.
According to the RoC (Registrar of Companies) filings with the Ministry of Corporate Affairs, accessed by YourStory, the startup had raised Rs 8 crore in April. Additionally it raised Rs 1.4 crore in Series B, in the months of May and June.
In May, Trifecta Venture invested in the form of 42,105 preference shares (Series B3 Compulsory Convertible Preference Shares), at a premium of Rs 170 per share. Thus, the total funding amounted to Rs 79,57,845.
According to media reports, Vedantu is also raising around $30 million from US-based investment major Tiger Global Management. Reports also suggest that WestBridge Capital will be participating in the round.
According to RoC filings, Tridecta Ventures invested across 36,842 debt securities, at a premium of Rs 170, amounting to Rs 69,63,138.
The online and live one-on-one tutoring platform had raised $5 million from Accel Partners and Tiger Global Management in 2015.
The edtech startup was founded by three IIT-ians - Vamsi Krishna, Pulkit Jain, and Anand Prakash in 2014. The platform enables students to learn through personalised teaching courses. Vedantu uses artificial intelligence (AI), machine learning (ML) and big data to refine its personalised teaching model.
The startup claims to have more than one-million hours of live teaching every month, catering to 40,000 students.
Vedantu provides live online courses to students between Classes VI and XII. They also have courses for students preparing for engineering and medical entrance examinations. Its application has more than one lakh downloads.
In an interaction with YourStory earlier this year , Vamsi said that the edtech startup has so far seen 3x growth every year and that they plan to maintain the same in the future.
(Edited by Evelyn Ratnakumar)