Interactive online tutoring platform Vedantu Innovations Pvt. Ltd has raised $24 million (approximately Rs 171.07 crore at current exchange rates) as part of an extension of its Series C round of funding.
The funding round is led by GGV Capital, the global venture capital firm with headquarters in the US. Other existing investors also participated in the round, Vedantu said in a statement.
Vamsi Krishna, co-founder and CEO at Vedantu, said the funds will be used for building its brand and expands into new categories such as kindergarten to the fifth standard.
As part of the transaction, GGV Capital managing partner Hans Tung will join the ed-tech company’s board.
This funding is in addition to the $42 million (around Rs 300 crore) Vedantu raised in August last year as part of its Series C round, which was led by US-based investment firm Tiger Global and WestBridge Capital.
Investors such as Accel, Omidyar India, and TAL Education also participated in the round, Vedantu had said in a statement at the time. LGT Group chief executive officer Prince Maximilian of Liechtenstein also invested in the company, it had said.
VCCircle has reached out to Vedantu on the details of the extension to the Series C investment and will update this report accordingly.
Bengaluru-based Vedantu was co-founded by Krishna, Anand Prakash and Pulkit Jain in 2011. It offers classes for students in subjects such as Mathematics, Science, Social Studies and English. Krishna has said that Vedantu is differentiating itself in the ed-tech space by offering a full-stack solution with high-quality solutions at an economical price point.
Deals in the ed-tech segment
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 of startups to be valued at $1 billion.
Toppr and Unacademy are among other ed-tech startups that have also raised significant funding.
Last month, 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.
Also last 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-focussed startup Leverage Edu.