Banglore-based online e-learning platform, Vedantu Innovation Pvt. Ltd. has bagged $100 million (INR 752 crore) in a Series D funding round led by the US-based investment firm Coatue Management. As per the agreement, Coatue MD Rahul Kishore will come on-board as Vedantu’s board of directors.
The startup plans to use the raised capital to invest in new categories and increase the number of content on its platform. It will also empower its technological infrastructure.
The existing investors also participated in the round. The startup’s backers include the US-based VC firm Tiger Global Management, the US’s fintech firm GGV Capital, Palo Alto-based venture firm Accel, and New Delhi-based financing services Trifecta Capital.
The recent round came into the picture after the startup secure $13 million just before 3 months in an extended Series C round of investment from China-based venture capital firm Legend Capital and existing investor Omidyar Network and others.
As per a statement, Vedantu has raised more than $200 million in funding to date, and it is currently valued at $600 million (nearly INR 4,510 crore).
On this transaction, Mumbai-based investment banking firm The Rainmaker Group acted as the exclusive financial adviser to Vedantu. The recent funding also marks Coatue’s first bet on the startup’s operating in India’s ed-tech sector.
Vedantu CEO Vamsi Krishna said that the startup has always believed in the live interactive class concept to be a superior format for online learning that creates greater learning outcomes.
Coatue MD Rahul Kishore said that the investment in Vedantu was in line with Coatue’s strategy of collaborating companies positioned for ‘high growth and scale.’
The ed-tech startup has also claimed that it has recorded a 220% growth amid the nationwide lockdown, with more than 2 million students attending live sessions.
In 2011, Anand Prakash, Saurabh Saxena, Vamsi Krishna, and Pulkit Jain founded Vedantu, an online e-learning platform that features real-time personalized learning. In February, the startup bagged $24 million by the US-based global venture capital firm GGV Capital.
In June, a publishing firm reported that Vedantu had made an investment in an ed-tech startup located in the National Capital Region.
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