Vedantu, a Bengaluru-based LIVE online learning platform that enables personalized learning, announced it has raised $12.5 million (Rs 96 crore) Series C1 funding led by Chinese venture capital firm Legend Capital, with participation from Omidyar’s Ohana Holdings LLC. While Legend Capital pumped in close to Rs 74 crore, Omidyar pumped in Rs 22.1 crore.
In 2019, the company had raised $42 million funding led by Tiger Global Management, followed by a $24 million round from GGV Capital in February this year. Both investments were part of Vedantu’s Series C round.
The investment comes at a time when Vedantu, like rivals Byju’s and Unacademy, has doubled down on growing its user base by offering free access to its platform to students in the wake of the 21-day nationwide lockdown due to the Covid-19 pandemic.
Vamsi Krishna, CEO of Vedantu, had told media that the company was partnering with schools to allow teachers to conduct live classes remotely. At the time, Krishna also said the company will utilise the funds to push its WAVE platform that allows teachers to track learners to provide individual attention to students even in a remote setting.
Vedantu is an educational endeavor started by three IITian friends – Vamsi Krishna, Pulkit Jain, and Anand Prakash, who are Teachers by Choice. They did their first venture in education, Lakshya, in 2006 which later got acquired by a listed company called MT Educare (Mahesh Tutorials) in 2012. As part of Lakshya, the founders taught and mentored more than 10,000 students and trained more than 200 teachers.
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