ImpactAlpha, October 4 — Bengaluru-based Vedantu, whose mission is to make after-school tutoring widely available and affordable through online lessons, will use the Series E investment to “to reach as many students as possible and create better outcomes,” said co-founder Vamsi Krishna. The online tutoring platform serves around 35 million users monthly.
Singapore impact fund, ABC World Asia, led the round. Returning investors include Coatue Management, Tiger Global Management, GGV Capital and Westbridge Capital. Edtech continues to experience “meteoric growth in India,” says ABC World Asia’s Sugandhi Matta, who sees an opportunity for students in underserved communities.
Vedantu’s latest round brings its valuation to $1 billion. Last year, the edtech startup closed its Series D round just three months after raising $79 million in a Series C round.
Other startups in emerging markets to achieve unicorn status include Konfio and Andela (see “Softbank funding helps make Konfio and Andela emerging market impact unicorns”). Nigeria’s digital payments company Flutterwave also reached unicorn status earlier this year.