Online tutoring platform Vedantu Innovations Pvt. Ltd has secured capital from another Asian investor as part of its extended Series C round of fundraising.
South Korea's KB Global came in as a new investor and contributed $7 million (Rs 53 crore) to the ed-tech major, digital news publication Entrackr reported, citing regulatory filings.
The Korean firm has picked up a 2.48% stake, it added. This transaction came two weeks after VCCircle reported that Vedantu raised $13 million led by Chinese venture capital firm Legend Capital.
Venture debt provider Innoven Capital is set to join the round with an investment of around Rs 1 crore ($130,000).
After the latest deal, Accel is still the biggest stakeholder in Vedantu with a 16.75% stake while China edtech firm The Advanced Learning Group has 14.35%.
Tiger Global Management holds 13.69% stake and Omidyar Network has 12.66% shareholding.
With the latest funding, Vedantu’s valuation has reportedly reached $280 million (Rs 2,104 crore).
KB Global had in the past backed a few Indian entities such as curated travel platform TravelTriangle and gold loan startup Rupeek Fintech Pvt. Ltd.
Bengaluru-based Vedantu was co-founded by Vamsi Krishna, Anand Prakash, Saurabh Saxena and Pulkit Jain in 2011. It offers classes for students in subjects such as mathematics, science, social studies and English.
Early this February, the firm scooped up $24 million led by GGV Capital, the global venture capital firm with headquarters in the US.
Before that, it raised $42 million in August last year led by Tiger Global and WestBridge Capital. It also counts Accel and TAL Education among its investors.
Deals in ed-tech
The larger ed-tech segment in India has been the object of investor attention over the last few years. The most heavily funded startup is Byju's, which is part of the unicorn club.
Online tutorial platform Lido Learning has just raised around $13.5 million as part of its Series B financing.
Toppr and Unacademy are among other edtech startups that have also raised significant funding.
Early this month, venture capital firms Matrix Partners and SAIF Partners invested $4 million (Rs 30 crore) in edtech platform Camp K12.
In January, Gurugram-based DoubtNut raised $15 million in its Series A round of funding led by Chinese tech giant Tencent Holdings. Sequoia's Surge was an early investor in DoubtNut.
In the same month, growth-stage investor Iron Pillar led a Rs 60-crore (around $8.3 million) Series B round in Testbook, which operates a platform focused on government examination preparations.
In January, DSG Consumer Partners and Blume Ventures co-led an investment in Leverage EdTech Pvt. Ltd, which operates university admissions-focused startup Leverage Edu.