Vedantu mentioned the funding spherical additionally noticed robust participation from current traders.
New Delhi: Online tutoring platform Vedantu on Wednesday mentioned that it has raised $100 million in 'Series E' spherical led by Singapore-based impression investing fund ABC World Asia. With the funding, Vedantu has now entered into the nation's unicorn membership with a "valuation of $1 billion". The Bengaluru-headquartered firm is the fifth EdTech (instructional know-how) platform to attain this feat after Byju's, Unacademy, Eruditus and upGrad. In startup phrases, a unicorn is an organization which is valued above $1 billion.
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'Series E' implies that an organization has, at a given level, gone via many funding rounds.
Vedantu mentioned the funding spherical additionally noticed robust participation from current traders – Coatue, Tiger Global, GGV Capital, Westbridge amongst others. It added that this "underlines its status as the largest K-12 (from kindergarten to the 12th grade) LIVE online tutoring company in India."
The on-line platform mentioned it "has continued to be a pioneer in India's K-12 tutoring space with several first-time innovations that include WAVE, its proprietary LIVE teaching platform, and the 2-teacher model."
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Vamsi Krishna, CEO, and Co-Founder, Vedantu mentioned, "Back in 2014, when we held our first LIVE class, nobody believed this would work. It is super satisfying to see this format becoming mainstream and Vedantu leading the way in innovative online delivery experiences. We will continue to innovate to reach as many students as possible and create 10x better experiences and outcomes for every child at Vedantu."
Sugandhi Matta, Chief Impact Officer, ABC World Asia, mentioned, "Vedantu embodies our investment themes of providing better access to quality education and using digital technology to improve lives and livelihoods. With EdTech experiencing meteoric growth in India, Vedantu as the pioneer and category creator in LIVE online tutoring is driving the tectonic shift towards online learning."
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Vedantu additionally mentioned that the "latest funding round will close over the next few weeks, with more investors joining in subsequent tranches." The Rainmaker Group acted because the unique monetary advisor to Vedantu on their fundraising, the EdTech platform additional talked about.
Vedantu at present presents tutoring programs to younger college students (3 to 18-year outdated), preparation for aggressive exams comparable to IIT-JEE, NEET, Commerce, CBSE, ICSE, and state exams comparable to Maharashtra boards. SuperKids is its latest providing which presents extracurricular courses like English talking, studying, and coding programs.
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