Bengaluru based online tutoring platform, Vedantu has invested $2 million in a problem clearing app for students, Instasolv. The app helps students from Class 6 to Class 12 to clear doubts in their studies. Vedantu is looking forward to expand their presence in Tier 3 and Tier 4 cities.
By investing in Series A funding of Instasolv, Vedantu has gained complete rights to acquire the startup. This acquisition will help Vedantu strengthen its presence in the doubt-clearing section.
The CEO and co-founder of Vedantu, Vamsi Krishna, said that this investment is a step taken by Vedantu to fortify their play in doubt solving, an important aspect of online learning. They are happy to have partnered with Instasolv and taken this category as leverage because Vedantu has been adding more students to their platform from Tier 3 and Tier 4 markets.
Students take the help of Instasolv to clear their doubts in subjects like Maths and Science for entrance examinations of NEET, IIT-JEE, etc. In the past two months during the coronavirus pandemic lockdown, they cleared 1 million doubts of students.
Vedantu said that Instaslov is a popular educational technology platform, and they solve more than 3 million doubts each month. They use OCR technology to extract text from pictures and use Artificial Intelligence to match questions with solutions from their database and produce it to the students in no time.
The CEO and Co-founder of Instasolv, Aditya Singhal, said that millions of students have taken the help of doubt clearing apps because of the pandemic and closure of educational institutes. This has caused a hike in the number of questions asked each day on Instasolv. They are looking forward to add more features to their app so that students can access learning through the app.
Vedantu revealed that they have seen more signups in the past few months. They have 1.1 million subscribers currently and the numbers are growing rapidly. They also experienced a growth in their revenue by 80%.
It would be great to see what the two amazing educational apps would have to offer to the students with their partnership.