Online live tutoring company Vedantu on Thursday said has raised USD 100 million (about Rs 752 crore) in funding, led by US-based investment firm Coatue.
The series D round, which saw participation from existing investors as well, has pushed Vedantu’s valuation to USD 600 million, it said in a statement.
Rahul Kishore, managing director of Coatue, will also join Vedantu’s board, it added.
Vendantu said the latest infusion has made it the ‘second most valued company in the Indian edu-tech space.’ Byju’s — which is touted as the Indian edu-tech firm with the highest valuation — had announced raising funds from Bond, a global technology investment firm co-founded by Mary Meeker, at a valuation of USD 10.5 billion.
Vedantu’s total fundraise has crossed USD 200 million. The company has raised money from investors including Tiger Global Management, Accel Partners, Omidyar Network, TAL, and WestBridge Capital.
‘Vedantu has always believed in the concept of LIVE interactive classes being a superior format for online learning which creates greater learning outcomes.
‘During lockdown, everyone is talking about LIVE classes and it is the best time for us to drive more adoption and strengthen our brand as the best destination for LIVE classes,’ Vedantu CEO and co-founder Vamsi Krishna said.
He added that apart from adding new categories, the funds will also be invested into content and technology.
Started in 2014, Vedantu offers live interactive classes to students across grades K-12 and also for top competitive exams like JEE and NEET.
Vedantu said it has recorded a growth of 220 per cent during lockdown with more than 2 million students attending classes and teachers delivering over 8 million hours of live classes.
Vedantu has also entered the early learner segment with the launch of its coding program for 6-12 years called Vedantu SuperKids. The company has plans of launching more programs in this category.
‘Online learning adoption in India is at an all-time high setting a new benchmark for the rest of the world. As we continue to focus on driving high-growth ventures, our investment in Vedantu marks our entry into the Indian edu-tech market,’ Kishore said.
The Rainmaker Group acted as the exclusive financial advisor to Vedantu on their fundraising.