The covid-19 pandemic has recently caused an increase in the digitization of education. Thus education technology startups like Vedantu are looking forward to more investment.
The company is already holding talks with Coatue Management, a global investment manager based in New York, to raise $100 million. However, they are trying to keep the talks private and those who have provided the information have requested anonymity.
If things are finalized, then Vedantu would have doubled their value in just a matter of three months because of the boost in online studies.
Vedantu offers coaching classes for K12 students and to students that are preparing for entrance examinations like advanced engineering, IIT JEE Main, and NEET. Students from both ICSE and CBSE can enroll for classes. It also gives classes to other state boards too. They discuss sample question papers, previous year papers, conduct mock tests, and provide revision notes.
Till February this year, Vedantu had about 1 lakh students, but in the last 3 months, they have added about 15 lakh students as they were compelled to take online classes because of the coronavirus lockdown.
Vedantu has been raising funds continuously for the last one year. Some of its investors are Omidyar Network, GGV Capital, VC firm Accel, Westbridge Capital, Omidyar Network, Tiger Global Management, Chinese fund Legend Capital and TAL Group. The startup was valued at $280 in the month of April this year.
Coatue is a well-known investor based in New York that has invested in several other startups in India like Swiggy, Rebel Foods and BharatPe.
Since both Vedantu and Coatue are yet to speak about this funding, we will just have to look forward to when the deal goes through to learn about its detail.