Bengaluru-based edtech startup Vedantu has raised USD 6.8 million in its Series C2 round from South Korean fund KB Global, according to its regulatory filings with the Indian registrar of companies.
This comes right after the company’s fundraising of USD 12.6 million earlier this month in its Series C1 round led by Beijing-headquartered venture capital firm Legend Capital with participation from Omidyar Network. In February this year, GGV Capital had infused USD 24 million in Vedantu as part of its Series C extension round.
The company, also backed by Tiger Global and West Bridge Capital among others, has raised a total of USD 104.4 million till now.
Vedantu was co-founded in 2014 by Vamsi Krishna, Anand Prakash, and Pulkit Jain, three engineering graduates from India’s esteemed university Indian Institute of Technology. Vedantu is an online tutoring startup that provides live classes to K-12 students.
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It claimed that there are over 25 million users across the country access its free content every month. And around six million students learn through its live classes taught by over 500 teachers.
Vedantu said earlier that it would expand into new categories like early childhood to lower grades: kindergarten to standard five.
Online tutoring startups including Vedantu have made their classes and content free for all including educational institutes to help them continue with their studies that has gotten affected due to the COVID-19 outbreak. Without giving any specific numbers, the company said it has added a lot of new users as a result of making its platform freely accessible to all.
While it has been tough for startups to raise funds due to the ongoing global healthcare crisis, edtech space seems to be untouched by this. According to industry tracker Tracxn, online tutoring startups have attracted USD 686.32 million in 21 rounds of investment in the first quarter of this year. This is against the backdrop that the overall VC funding in Indian startups fell by 22% in Q1 2020, per a Venture Intelligence report.