[Funding alert] Edtech startup Vedantu raises $24M led by GGV Capital
, one of the leading edtech startups in India, has raised $24 million as part of its Series C extension round, led by global venture capital firm GGV Capital, with participation from existing investors. Now, its total fund raise stands at $85 million.
In a statement, the startup said it will use the funds to invest in brand leadership and expand into new categories like early childhood to lower grades (kindergarten to standard 5). Besides, it will look at adding new experiences and dimensions for young learners from metros to small-town India.
Vamsi Krishna, Co-founder and CEO, Vedantu, said, “As we continue to grow our student enrolments by 4.5X year on year, we are gearing to invest in the brand and entering very strongly in new categories of age group four to 10 years beyond current customer segments. We are excited to have GGV Capital back us. As a unique VC firm that has backed some of the world’s most successful companies, this is a huge validation for Vedantu.”
Hans Tung, Managing Partner, GGV Capital, said, “With GGV’s track record in the edtech space launched by my colleague Jenny Lee in 2013, we look for teams that deliver technology-enhanced education that fits the local needs. We think Vedantu has hit an inflexion point with its WAVE product through which teachers with a track record of delivering superior results can offer personalized education to many students at once.” He also joins the board of Vedantu.
This funding was in addition to the $42 million the startup raised in August 2019, led by Tiger Global and WestBridge Capital. Investors like Accel, Omidyar India, TAL Education, Prince Maximilian of Liechtenstein & CEO, LGT Group also participated.
Following the backing of these investors, Vedantu, which has got over one million users on its platform, will explore opportunities to scale impact as it aims to achieve 4X growth this year.
At present, Vedantu’s platform sees 25 million users accessing free content every month. It has more than 500 teachers who provide classes to six million learners per month.
The startup has created a new platform WAVE that measures learning outcomes over 70 parameters.
(Edited by Saheli Sen Gupta)