Vedantu, a Bengaluru-based LIVE online learning platform that enables personalized learning, announced that it has invested $2 million in Instasolv, a doubt clearing app for students from Class 6 to 12, as the live online tutoring platform looks to grow its presence in Tier 3 and Tier 4 cities.
The current investment is part of Instasolv’s Series A funding and will give Vedantu full rights to acquire the startup. The investment will also strengthen Vedantu’s presence in the doubt-solving segment, the company said in a statement.
“Our investment in Instasolv is a strategic step to strengthen our play in doubt-solving, which is one of the key aspects of learning online. We are excited to partner Instasolv and leverage the category as more students join this new learning wave in Tier 3 and Tier 4 markets,” said Vamsi Krishna, co-founder and CEO of Vedantu.
“Owing to the pandemic, an increasing number of students are learning from home, which has led to a spurt in the number of queries on our platform. Through Vedantu’s investment in Instasolv, we plan to expand our offering and enrich features so that students can access learning on the app itself,” said Aditya Singhal, co-founder and CEO of Instasolv.
The company said Instasolv runs a successful ed-tech platform, askIITians, that has expertise in the doubt solving segment of online learning. The platform solves 3 million doubts every month on its platform and utilises OCR technology to extract text from photos and uses AI to match questions with answers from its database and provide them to students within seconds.
Instasolv helps students clear their doubts instantly in subjects such as science, mathematics for entrance exams such as IIT-JEE and NEET. Over the past two months under a nationwide lockdown, Vedantu claims it has solved over 1 million doubts of students, making it a core requirement as learning evolves during the Covid-19 pandemic.
Recently, Vedantu 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. 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.
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