Vedantu is planning to raise $100 million. About $60 million will be offered by existing investors, which includes Coatue Management, GGV Capital and Tiger Global Management, and an Asian private equity fund is assumed to invest $40 million, sources said.
It was expected that Byju’s is in talks to acquire Vedantu. CEO of Vedantu Vamsi Krishna denied the rumours saying that his priority is to build out Vedantu independently. The funding will make Vedantu India’s 5th online education unicorn, after Byju’s, Unacademy, UpGrad and Erudtius.
Founded by Krishna, Pulkit Jain, Anand Prakash and Saurabh Saxena in 2011, Vedantu provides live coaching classes for 12th students, including entrance exams like IIT JEE Main and Advanced for engineering and NEET for medical colleges.
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It also gives CBSE and ICSE for various state boards, sample question papers, revision notes, mock tests and previous years papers. Vedantu in May had 27 million monthly visitors on its website and 68 million monthly views on YouTube.
