Vedantu Gets $100 Million Funding, Becomes India's Fifth EdTech To Enter Unicorn Club
NDTV
Vedantu on Wednesday said that it has raised $100 million in 'Series E' round led by Singapore-based impact investing fund ABC World Asia.
New Delhi: Online tutoring platform Vedantu on Wednesday said that it has raised $100 million in 'Series E' round led by Singapore-based impact investing fund ABC World Asia. With the funding, Vedantu has now entered into the country's unicorn club with a "valuation of $1 billion". The Bengaluru-headquartered company is the fifth EdTech (educational technology) platform to achieve this feat after Byju's, Unacademy, Eruditus and upGrad. In startup terms, a unicorn is a company which is valued above $1 billion.
'Series E' implies that a company has, at a given point, gone through many funding rounds.
Vedantu said the funding round also saw strong participation from existing investors – Coatue, Tiger Global, GGV Capital, Westbridge among 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 online platform said 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."