Omidyar Network leads ₹78 crore series B round in edtech startup Vedantu

Bengaluru-based personalised live online tutoring startup Vedantu has raised around ₹78 crore ($11 million) in a series B round led by impact investor Omidyar Network. Another existing investor Accel Partners also participated in the round.

The funds raised will be used to strengthen technology and expand deeper into tier 2 and tier 3 cities.

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.

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 spread across over 1,000 cities in more than 30 countries. In India, the Vedantu app is operational in 80 cities, including Bengaluru, Mumbai, and Delhi.

As the startup boosts technology platform, it will make the experience more personalised for students, by tracking student’s attention span and concept understanding using machine learning, facial recognition and others.

Furthermore, the live online tutoring startup is looking to expand to other exam categories like GMAT and GRE.

“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.

Other edtech startups competing with Vedantu in the domain include edtech unicorn Byju’s, Unacademy, Meritnation, NeoStencil, and Simplilearn, among many others.

Earlier this month, edtech startup Genius Corner raised ₹2 crore in an angel funding round.

In October 2018, Unacademy acquired Wifistudy, Eupheus Learning raised funds from Sixth Sense Ventures, and another edtech startup GuruQ raised ₹2.5 crore in pre-series A round.

In September 2018, it was reported that Byju’s was in talks with investors to raise $300 million, at a valuation of $2.4 billion.

According to an IBEF report, Indian education sector is expected to touch $101 billion by FY19, from $91.7 billion in FY18. India is already the second largest market e-learning after the US and online education sector alone is expected to touch $1.96 billion by 2021.

Check out the list of top edtech startups in India.

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