In a major development, Live tutoring startup Vedantu has raised $100 million from US-based hedge fund Coatue. The valuation has risen in just a couple of months to $600 million.
The lockdown due to the COVID-19 pandemic has boosted online education as students have been unable to step outside.
Founded by Vamsi Krishna, Pulkit Jain, Anand Prakash and Saurabh Saxena in 2011, Vedantu currently provides live coaching classes for K12 students, including for entrance exams such as IIT JEE Main and Advanced for engineering and NEET for medical colleges.
It also provides classes for CBSE and ICSE, as well as various state boards, along with sample question papers, revision notes, mock tests and previous year’s papers.Also read: All-India private school body urges PM for funds
Vedantu said it has grown 220 percent during the lockdown with over two million students attending live classes and teachers delivering over eight million hours of live classes.
Vedantu has raised over $200 million in funding, most of it in the last 12 months, from investors such as Tiger Global Management, Westbridge Capital, Accel and GGV Capital.