Bengaluru-based online tutoring startup Vedantu has raised $11 million in a series B round led by Omidyar Network.
Bengaluru, 24 Nov, 2018. RedNewswire/-
Another existing investor Accel Partners also participated in the round. The funds will be used for technology expansion and deeper penetration in tier 2 and 3 cities. The startup also plans to enter exams categories like GMAT and GRE. Current it provides tutoring to 6th to 12th-grade.
Vedantu was founded by IIT Bombay alumnus Vamsi Krishna, along with two IIT Roorkee alumni Anand Prakash and Pulkit Jain in 2014. The startup provides an online learning platform, offering live tutoring for students from K6 to K12.
Vedantu, which means ‘knowledge network,’ is an online portal, where teachers tutor students in group and one-on-one sessions. An hour’s group session costs Rs 50-150 and a private session costs Rs300-600. “Our group sessions are doing very well in tier 2 and tier 3 cities. That is why a major amount of this funding will go into expanding in that market,” said Krishna.
The edtech startup offers one-on-one classes to students, along with group classes, enabling students to choose the type of session based on their preferences. It leverages technology to provide an interactive two-way communication platform, offering quality education to students at their home.
Vedantu has more than 500 experienced teachers on its platform, teaching over 40,000 students. Its product portfolio include monthly tuitions, exam preparation for NTSE, PSA, KVPY, IMO, JEE Mains. The app is available in 80 cities including Bengaluru, Mumbai, and Delhi with students from 36 countries and 1,200 cities.
“The lowering data costs and availability of high-speed internet is making the online teaching model a reality,” said Siddharth Nautiyal, investment partner, Omidyar Network, in a statement released by Vedantu. “We are excited about our partnership with Vedantu as they build a solution for the next half billion Indians who are coming online for the first time,” he added.