Bengaluru-based online tutoring startup, Vedantu has rasied $5 million in series A funding from Tiger Global and Accel Partners, to create a system where a student can choose a suitable teacher in real time. The company also plans to make Vedantu available on mobile devices. In July 2013, the firm had secured a seed round of $550,000. The new funding brings the total capital of the firm to date is $5.6 million in 3 rounds from 2 investors.
“This funding will allow us to expand our team and accelerate the innovation efforts at Vedantu to make Live Online 1-to-1 Tutoring the most effective mode of teaching and learning possible,” the company’s Vamsi krishna wrote in a Blog Post.
Launched by four IITians – Vamsi Krishna, Anand Prakash, Saurabh Saxena, Pulkit Jain, six months back, Vedantu is the second venture by this founding team. Their first startup Lakshya ,founded in 2006, was a test preparation and training company which was bought by MTEducare in 2012.
In six months’ time, the platform has enabled 5000+ hours of learning, with over 100 teachers active on their platform and more than 1000 active student users from across 41 Indian cities.
Vedantu is a platform that offers live online tutoring sessions for students from grades 6-12, and also IIT Foundation preparation courses for exams like NTSE, PSA, KVPY, IMO and JEE Mains. The startup uses technology consists of a custom built whiteboard, audio and video, to bring together teachers and students to enable live learning between them. It’s focus in on live online one-to-one tutoring between a teacher and a student. After sessions, Teachers and students can rate each other. A blackened team onboards teachers after accessing a live demo class from a teacher.
The startup’s announcement comes one day after Toppr, another online test preparation startup, raised $10 million in funding led by Fidelity Growth Partners with participation from existing investors SAIF Partners and Helion Venture Partners. The company offers entrance preparation materials to students through its portal and mobile app, instead of tutoring sessions.
According to Indalytics Advisors, the test prep market is expected to grow at a compound annual rate (CAGR) of 3.85% till 2019.