Indian edtech startup Vedantu raises $7m from South Korea’s KB Global

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Interactive online tutoring platform Vedantu has raised an additional $7 million in funding from South Korea’s KB Global as part of its extended Series C funding round.

The Bengaluru-based edtech firm had raised about $12.5 million as part of its Series C1 funding round led by Chinese venture capital firm Legend Capital earlier this month. The round had also seen the participation of Omidyar’s Ohana Holdings LLC.

According to Vedantu’s latest filings, it has issued 3,82,235 Series C2 compulsorily convertible preference shares (CCPS) for Rs 1363.3 each to KB Global to raise the aforesaid amount, Entrackr reported.

Vamsi Krishna, a graduate of Indian Institute of Technology-Bombay, founded the company in 2014 with Anand Prakash and Pulkit Jain. The startup had raised $24 million as part of its Series C extension round led by global venture capital firm GGV Capital, and existing investors this February. This was in addition to the $42 million raised by the startup from Tiger Global and WestBridge Capital in August last year.

The latest funding comes at a time when startups across sectors are staring at tough times owing to the COVID-19 outbreak. Edtech startups, however, are an exception. As educational institutions across the country have been asked to shut down until further notice as part of a nationwide lockdown, edtech startups such as Byju’s, Vedantu, Toppr, and Lido Learning have started offering online courses for free to help students keep learning remotely.

Byju’s, the world’s most valuable edtech company, claims to have witnessed a 150 per cent increase in the number of new students learning on its app after announcing free access in March 2020. The edtech unicorn had reportedly raised about $200 million from New York-based private equity fund General Atlantic in February this year.

General Atlantic had also led the $110-million Series E funding round for Bengaluru-based Unacademy, along with social networking giant Facebook, this February.

Recently, Mumbai-based edtech startup Lido Learning raised $7.5 million in its ongoing Series B funding round led by BAce Capital.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.