Edtech startup Vedantu bags $11 Mn Series B round led by Omidyar Network
Online tutoring startup Vedantu has raised $11 million in its Series B round of funding led by Omidyar Network. The Bengaluru-based startup also saw the participation of its existing investor Accel Partners in the round.
The fresh capital comes after a long gap of three and a half years. In 2015, Accel and Tiger Global Management had infused $5 million Series A round in it.
Besides ramping up technology, the fresh funds will be deployed to expand in tier II, tier III cities. The startup also plans to enter exams categories like GMAT and GRE. Current it provides tutoring to 6th to 12th-grade.
A brainchild of Vamsi Krishna, Pulkit Jain, Saurabh Saxena, and Anand Prakash, Vedantu enables live learning session between teachers and students. Its product portfolio include monthly tuitions, exam preparation for NTSE, PSA, KVPY, IMO, JEE Mains.
The startup charges a minimal fee e.g. an hour’s group session costs Rs 50-150 and a private session costs Rs 300-600. Apart from one-on-one learning, teachers and students can rate each other after the live sessions.
The app is available in 80 cities including Bengaluru, Mumbai, and Delhi with students from 36 countries and 1,200 cities.
With the fresh funding round, the edtech firm aims to make the live sessions more personalised. The platform will also use machine learning and facial recognition technique to track student’s attention span and concept understanding.
The four-year-old startup competes with heavily funded firms in this segment such as Unacademy and Byju’s.
Source: Entrackr
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