[Funding alert] Edtech startup Vedantu raises $6.8M from KB Global
Bengaluru-based online edtech startup Vedantu has raised $6.8 million in a fresh round of funding from South Korea-based KB Global Platform Firm, on April 20. According to the filings with the Registrar of Companies, as accessed by YourStory, Vedantu has alloted 3,82,235 Series C2 CCPS to KB Global. The premium amount per share is Rs 1,353.29.
Earlier this month, Vedantu raised $12.56 million (or Rs 96 crore) from Chinese venture firm Legend Capital. Omidyar's Ohana Holding also participated in the Series C1 round.
The news comes after Vedantu announced on April 30, 2019, that it had raised $42 million in a funding round led by Tiger Global and WestBridge Capital. The round also saw participation from existing investors including Accel, Omidyar India, and TAL Education. Prince Maximilian of Liechtenstein, CEO of LGT Group, and the founders of the edtech startup had also participated in the round.
Vedantu was founded by Vamsi Krishna, Anand Prakash, and Pulkit Jain in 2014, to provide students with opportunities to learn the way they desire, by providing personalised teaching. The startup now uses artificial intelligence (AI), machine learning (ML), and Big Data to refine its personalised teaching model.
The live interactive online learning platform offers individual and group classes in real-time and in a virtual learning environment. Vedantu claims to have 150,000 students who study live on its platform each month. It has more than 25 million users every month, from across 1,000+ cities and 40+ countries.
With the situation created due to the coronavirus pandemic, it is uncertain when children will return to school and resume normal classes. Vedantu has, thus, joined hands with schools in Bengaluru, New Delhi, Kerala, and Hyderabad to provide free access to its complete learning platform.
Vamsi, CEO and Co-Founder of Vedantu, had said in a statement:
"At Vedantu, we believe that best quality education should be accessible to everyone, anytime. We believe Online Learning is a safe option in these risky and uncertain times. The students can study from the safety of their home and avoid travel and public places. We are constantly working on solutions that will drive evolution, fundamentally changing the pattern of teaching and learning today. We are here to support by making our platform free during this crucial time. We are closely monitoring the impact of COVID-19 and are here to assist students & schools with all their learning needs.”
Vedantu will cater to students of classes I to XII, covering subjects including Math, Science, Social Studies, Physics, and Chemistry.
Edited by Kanishk Singh