Bangalore-based online tutoring startup Vedantu Innovations Pvt. Ltd is raising up to $10 million (Rs 65 crore) in a fresh round of funding, two people aware of the development told VCCircle.
The seven-year-old company has already received $3 million from new investor Omidyar Network and $2 million from existing backer Accel Partners, one person said, asking not to be named.
The second person said the fundraising round, when completed, is likely to value the company around Rs 130-140 crore.
The investor mix for the remainder of the targeted ticket size couldn’t be ascertained.
The fundraising is likely to be part of the company’s Series B round.
In May 2015, the company had raised $5 million in a Series A round from Accel and Tiger Global Management.
Late last year, the company raised close to $1 million in what was likely a bridge round of funding from Accel, the second person cited above said. In November 2016, it had raised around Rs 14.5 crore ($2.25 million) from Accel and Tiger Global, he added.
Vedantu chief executive and co-founder Vamsi Krishna confirmed the company was in the midst of a fundraising exercise.
“We are raising $8 million and are looking to add another $1-1.5 million,” he said, but refused to elaborate because the fundraising round hasn’t finished.
Vedantu was founded in 2011 by Krishna, Anand Prakash, Saurabh Saxena and Pulkit Jain. Its online platform allows interaction between the student and the tutor via a whiteboard, audio and video environment.
The company offers one-year courses for CBSE and ICSE students in classes 9 to 12. Subjects offered include math, physics, chemistry and biology. For students in classes 11 to 12, Vedantu offers courses on engineering entrance exam.
The ed-tech venture operates in 10 Indian cities including Delhi, Mumbai, Bengaluru, Hyderabad and Chennai. It also offers courses for students in West Asia and Singapore.
Ed-tech funding deals
A number of ed-tech ventures have raised funds recently. Last month, startup Buddy4Study raised $3 million in Series A funding from existing investor CBA Capital.
Also last month, Mumbai-based startup Callido Learning LLP secured $2 million from a UK-based publisher.
In February, CollegeDekho mobilised $2 million in its third round of funding from London-based Man Capital LLP, Girnar Software and others.
The same month, Mumbai-based startup Toppr raised $100,000 as part of an extended Series B round of funding from Hong Kong-based Axis Capital Partners.