Vedantu raises $100 million, from US based investment firm Coatue. It has doubled Vedantu’s valuation to $600 million.
Vedantu is an ed-tech startup of India. I
It is an online tutoring platform which provides classes from K1-12. Here teachers take live sessions and also upload video lectures. It is backed with Tiger global and Accel. And now with Coatue.
Coatue is an investment firm, which invests in public and private companies associated with technology, media, food, telecommunications, etc.In India the previous investments of Coatue were with Swiggy and Rebel Foods.
Vedantu raised this sum in the series D funding round of the venture. It has doubled Vedantu’s valuation from $250 million to $600 million in last few months. Vedantu now claims to be the second most valued ed-tech company after Byju’s.
Due to the spread of Covid-19 which resulted into a worldwide pandemic, the demand for online education is at its highest, in the country. Within last few months, these platforms have gained millions of students across the country.
Online education at a rise
Vedantu’s CEO Vamsi Krishna claimed that the company has grew 220% within the time span of the lockdown. He said that they’ll spend the funds in giving the best live teaching experience to the students. In a rising field like online education, these kinds of investments give a great push to the company and widen the scopes of their offerings to students. After Vedantu raises $100 million, the company will surely grow at the larger rate.
Coatue MD Rahul Kishore joined the board of Vedantu. He said that Coatue focuses on driving high-growth ventures. The firm’s investment in Vedantu marks its entry in the Indian ed-tech market. He acknowledges their strategy to partner with companies that are strategically positioned for high growth and scale.
Also read, Swiggy- A startup that has revolutionized the food delivery system in India!
