Edtech startup Vedantu has raised $7 Mn in the ongoing Series C2 round, according to company’s latest regulatory filings. The South Korean Investment firm KB Global spearheaded the latest round. No other investors reportedly participated in the round.
Previous to this round, the Bengaluru based startup had raised three funding rounds since November 2019. Its last funding constituting of $10 Mn took place barely two weeks back, with China’s Legend Capital leading the proceedings.
However, there is no clarity about the valuation of Vedantu post the latest round. But analyst claim that the Tiger Global based startups valuation may now be hovering around $300 Mn. Apart from Tiger Global, Accel and Omidyar Network are among the other high profile investors in the company.
Accel is actually the largest stakeholder in the company, holding nearly 16.75% stake in the company.
Vedantu’s direct competitors BYJU’s and Unacademy also had a good spell in funding raising during the last one year. In fact, the ongoing lockdown may spur investors to invest more capital in the Edtech sector.
With lockdown forcing colleges and school institutions to shut down, online education apps are seeing a significant increase in their overall traction. This has lent golden opportunity to startups like Vedantu to increase their market share.
Vedantu, which essentially offers online coaching sessions for grade 1st to 12th, was founded by Vamsi Krishna, Pulkit Jain, Saurabh Saxena, and Anand Prakash.