Edtech startup Vedantu has raised $100 million in Series E funding round. The financing round is led by Singapore-based ABC World Asia. The round also saw strong participation from existing investors Coatue, Tiger Global, GGV Capital, WestBridge and others. Vedantu enters the prestigious Unicorn Club with this fresh round of funding.
With the new financing round, Vedantu is valued at $1 billion. Vedantu is the 28th startup to achieve unicorn status in the year 2021. The startup will use the new investment primarily to strengthen product engineering operations as well as expand into new categories through both organic and inorganic avenues.
Vamsi Krishna, Co-Founder and CEO, Vedantu, in an interaction with a leading web portal, said, “We haven’t raised a lot of investments and have always been conscious of our fundraising. Last year we raised $100 million, and about 50 percent of it is still in the bank. Also our burn profile is different from others.
Vamsi Krishna further added, “The reason for raising this fund is to get good partners and deepen market penetration. Today everyone talks about edtech, this category still has a long way to go and is being penetrated’. The core offering of Vedantu includes online classes for classes 6 to 12 as well as content from grades 1 to 12 and JEE.