[Funding alert] Edtech startup Vedantu raises $12.56M from Legend Cap, Ohana Holding
Bengaluru-based online edtech startup Vedantu has raised $12.56 million (or Rs 96.06 crore) from Chinese venture firm Legend Capital. Omidyar's Ohana Holding also participated in the round.
According to the filings with the Registrar of Companies (RoC), as accessed by YourStory, the funding was part of Vendantu's Series C1 round.
The filings suggest that about 7.75 lakh Series C1 Compulsory Convertible Preference Shares (CCPS), having face value of Rs 10 each, were allotted in cash on March 26, at a premium of Rs 1,229.36 per share. As on April 06, Vedantu allotted 178,880 Series C1 CCPS to Ohana Holdings. Thus, Ohana's investment standing at $2.90 million (or Rs 221.7 million).
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 1,50,000 students 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. This feature will cater to students of classes one to 12, covering subjects including Math, Science, Social Studies, Physics, and Chemistry.
(Edited by Suman Singh)