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Vedantu

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Vedantu
Company typePrivate
IndustryEduTech
Founded2014; 10 years ago (2014)
Founders
Headquarters
Bengaluru, Karnataka
,
India
Area served
India
Revenue
  • Increase INR ₹169 Crores(2022)
WebsiteVedantu.com

Vedantu is an Indian multinational online tutoring platform launched in 2014 based in Bengaluru, India. It primarily provides services to students from grades 4 to 12.

History

The company was launched in 2014.[1] Its name Vedantu is derivative Sanskrit words Veda (knowledge) and Tantu (network).[2] The organization is run by IIT alumni Vamsi Krishna (co-founder & CEO), Pulkit Jain (co-founder and head of product), Saurabh Saxena (co-founder) and Anand Prakash (co-founder and head of academics).[3][4][5] Earlier, the team founded Lakshya, which was acquired by MT Educare (a subsidiary of Zee Learn) in the year 2012.

It primarily provides services to students from grades 4 to 12 of Indian Certificate of Secondary Education (ICSE) and Central Board of Secondary Education. The company's primary business is live online tutoring in STEM, Hindi, English, Sanskrit, German, French, environmental science and social science.[6] It uses a White Board Audio Video Environment (WAVE) method for their 1-1 student-teacher live sessions. It provides test preparation courses for Indian Institute of Technology Joint Entrance Examination (JEE) Foundation, National Talent Search Examination (NTSE), National Eligibility cum Entrance Test (NEET) and Problem Solving Assessment (PSA).[7] Other courses include Coding, Mathematics, Reading and Public Speaking.

In 2019, Vedantu suffered a data breach exposing the data of about 687,000 users including email and IP address, names, phone numbers, genders and passwords.[8]

In January 2022, the company joined Byju's, Simplilearn, Unacademy, PrepInsta Prime and upGrad became one of the founding members of IAMAI's India EdTech Consortium.[9] In March 2022, it launched W.A.V.E 2.0, an interactive platform that aims to support Artificial Intelligence/Machine Learning.[10]

Vedantu reported a net loss of ₹696 crore in the financial year 2022.[11]

Funding

The firm raised its first round of funding after six months of current operational format. It has raised US$5 million from Accel Partners and Tiger Global Management in its series A funding.[12][13] It plans to utilize the funding in developing technology solutions for tablets and mobile with scalability which can run hundreds of live learning sessions concurrently.[14] Vedantu raised US$11 million in a series B funding round led by Silicon Valley impact investment firm Omidyar Network and also contributed by its existing investor Accel Partners.[15]

On August 29, 2019, Vedantu announced that it has raised US$42 million in a series C financing round for expansion in India.[16]

In July 2020, Vedantu raised US$100 million in funding led by US-based Coatue. With the latest funding, Vedantu's total fund tally stands at over US$200 million.[17] In September 2021, Vedantu raised US$100 million at a post-money valuation of over US$500 million, according to Fintrackr calculation.[18]

Due to reduced funding for Indian startups, Vedantu laid off one hundred employees in July 2022, making 720 redundancies for 2022.[19] It further laid of 350 more people from its team in December 2022.[20]

Acquisitions

  • In February 2021, Vedantu made its first acquisition by acquiring Instasolv in an undisclosed deal. Vedantu had invested US$2 million in Instasolv in July 2020.[21]
  • In July 2021, it invested in AI-enabled learning platform Pedagogy.[22]

See also

References

  1. ^ "Forbes India - Knowledge, Wisdom And Vedantu: How Live Online Tutoring Classes Propelled The Edtech Company Into The $1-billion Club". Forbes India. Retrieved 18 May 2022.
  2. ^ Xaif. "Extensive SWOT Analysis of Vedantu - 2023 | IIDE". Retrieved 12 September 2023.
  3. ^ Poovanna, Sharan (14 October 2015). "An online platform that makes education more personalized". livemint.com/. Retrieved 5 October 2017.
  4. ^ Babu, Anita (7 May 2015). "Vedantu raises $5 mn from Accel Partners, Tiger Global". Business Standard India. Retrieved 5 October 2017.
  5. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 5 October 2017.
  6. ^ "List of tutors for different subjects at Vedantu".
  7. ^ www.ETtech.com. "Vedantu raises $5 million funding from Accel Partners & Tiger Global - ETtech". ETtech.com. Retrieved 5 October 2017.
  8. ^ "Have I Been Pwned: Pwned websites". haveibeenpwned.com. Retrieved 27 June 2023.
  9. ^ "IAMAI sets up India EdTech Consortium to uphold code of conduct by edtech platforms". The Hindu. PTI. 12 January 2022. ISSN 0971-751X. Retrieved 10 February 2022.{{cite news}}: CS1 maint: others (link)
  10. ^ Soni, Yatti. "Vedantu launches interactive learning platform W.A.V.E 2.0". www.thehindubusinessline.com. Retrieved 25 April 2022.
  11. ^ Bureau, BL Bengaluru (31 January 2023). "Vedantu records net loss of ₹696 crore in FY22". BusinessLine. Retrieved 10 December 2023. {{cite web}}: |last= has generic name (help)
  12. ^ Shu, Catherine. "Indian Online Tutoring Platform Vedantu Nabs $5M From Accel And Tiger Global". TechCrunch. Retrieved 5 October 2017.
  13. ^ "Micromax to invest $400 m to pick up stake in 20 start-ups". The Hindu. 8 May 2015. Retrieved 5 October 2017 – via www.thehindu.com.
  14. ^ Ambre, Ashna (7 May 2015). "Tiger Global enters invests in Vedantu". livemint.com. Retrieved 5 October 2017.
  15. ^ "Omidyar leads $11 million funding in live tutoring platform Vedantu". livemint.com. Retrieved 28 December 2018.
  16. ^ "India's Vedantu raises $42M to expand its live and interactive online tutoring platform". TechCrunch. Retrieved 29 August 2019.
  17. ^ "Vedantu raises $100 million, claims now 2nd most-valued ed-tech company". The Financial Express. 17 July 2020. Retrieved 17 July 2020.
  18. ^ "Exclusive: Vedantu seeks $1 Bn valuation in a new round". ENTRACKER. Harsh Upadhyay.
  19. ^ Sil, Debarghya (2 August 2022). "Exclusive: After Firing 620 Employees, Vedantu Lays Off 100+ Employees As Part Of Restructuring". Inc42 Media. Retrieved 16 August 2022.
  20. ^ Soni, Yatti (7 December 2022). "Vedantu has laid off 385 employees in fourth round of layoffs". www.thehindubusinessline.com. Retrieved 15 April 2023.
  21. ^ "Vedantu acquires Instasolv, a doubt-solving app – the latest in buzzing edtech acquisitions in India". Business Insider. Retrieved 16 July 2021.
  22. ^ "Edtech startup Vedantu acquires majority stake in Pedagogy". The Economic Times. Retrieved 16 July 2021.
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