The Story of Vedantu
The lockdown implemented in the wake of the COVID-19 outbreak, a hazardous virus with dire consequences, has turned out to be very beneficial for EdTech firms. Over the past few months, many have had tremendously revolutionary growth, notably in the Indian education sector.
According to the Economic Times, the EdTech era’s surge in popularity has greatly raised educational technology companies’ recruiting levels, resulting in the creation of around 3,000 new employees in the industry. With increased investment, India has become one of the few countries with the biggest boost in this area.
In the event of a lockdown, which will result in the closure of educational institutions worldwide, reliance on modern technology will be required. Currently, our technical capabilities are sufficient to manage a few online courses and create a whole structure for remote learning in schools and institutions. These buildings will keep the fort even when the pandemic is almost over, altering the educational landscape.
Vedantu, where Tantu means “Network” and Veda means “Knowledge.” This transforms the platform into a knowledge network where every student can immediately contact a teacher, enabling personalised learning to occur at any time and place.
With the help of three of his IIT friends, Vamsi Krishna started his first business, “Lakshya,” in 2006. The project sought to prepare pupils for a range of different assessments. They eventually realised that India’s educational system needs a lot of devoted and knowledgeable teachers. As a result, they worked to create such a platform using Lakshya. Six years later, in 2012, MTEducare purchased the platform.
Following this, work on the EDTech start-up known as Vedantu started. The platform for online tutoring was formally launched in 2014. The platform’s outstanding online EdTech platform aspires to improve the educational system.
The Vedantu website has experienced exponential growth in subscribers over the past few months, spanning K–12 and competitive exams like JEE and NEET, which is undoubtedly a result of the lockdown.
Each month, Vedantu provides its services to 25 million pupils. According to the site, over the last three months, 2 million different students have attended their live classes, according to story in the Economic Times.
Vedantu debuted its WAVE platform in 2019. This platform was created to make LIVE lessons more alluring and interesting. It uses artificial intelligence and machine learning to personalise teaching and learning for each student. The poor completion rate of courses caused by less interesting content is one of the major issues that online education usually faces. Vedantu has addressed this issue by emphasising LIVE interactive lessons to make its courses more engaging and interactive for its users.
According to Livemint, Vedantu recently invested $2 million in an EdTech company called Instasolv, a question-solving software for high school students and candidates for the IITJEE and NEET, as a move toward strengthening their position in question-solving. Vedantu made its first purchase in the hot EdTech market when it bought Instasolv at the end of February 2021.
The CEO of Vedantu at the moment is Vamsi Krishna. The man, who graduated from the Indian Institute of Technology in Bombay, is a well-known IT enthusiast, educator, and tutor. He co-founded Lakshya, the EDTech company that served as the inspiration for Vedantu, along with other undergraduate classmates, before launching Vedantu. He also spent nearly a year working at L&T as a management trainee.
The former co-founder of Lakshya and a co-founder of Vedantu is Pulkit Jain. Additionally, he worked for EvalueServe until 2006. The man, an IIT Roorkee graduate, is a role model for many young businesspeople today because of his entrepreneurial experience.
Anand Prakash is a previous co-founder of Lakshya and a further co-founder of Vedantu. The man, a Pulp and Paper Technology graduate of IIT Roorkee, is currently the account academic head at Vedantu. He had been a manager at Abhishek Industries before joining Vedantu.
Capital Raised By Vedantu
Vedantu has a valuation of $600 million and raised around $200 million across all of its fundraising rounds.
Vedantu raised $24 million in a funding round in February of this year from new backers and investors led by GGV Capital.
Vedantu raised Rs 96 crore (about $12.5 million) in the second week of April as part of its Series C1 investment, which was headed by the Chinese venture capital firm Legend Capital and included Omidyar’s Ohana Holdings LLC.
On April 20, KB Global Platform Firm, based in South Korea, contributed $6.8 million to Vedantu’s latest investment round.
Vedantu received $100 million in Series D fundraising in its most recent funding round in mid-July, sponsored by Coatue Management of the US.
Vedantu exhibits enormous promise for a prosperous and illustrious future, given the limitless possibilities for growth and expansion of India’s EdTech sector. Vedantu is on track to become one of the most prominent companies controlling the Indian education sector as we move toward an educational system controlled by educational technology.