Chennai: Edtech Vedantu Platform has become the 28th Indian Unicorn in 2021 and Edtech Unicorn fifth when the company collected $ 100 million in a series of e-series appreciated more than $ 1 billion.
The Funding Round was led by Singapore’s impact investment funds based in Singapore ABC World Asia, and also saw existing investor coating, global global, GGV, among others.
Startup, which offers individual and group classes in the K-12 and the test preparation segment, are assessed at post-money assessments of around $ 600 million in last year’s funding.
The company has achieved the status of Unicorn amid speculation that it was in talks with Edtech BYJU leaders for sales, claims that were highly rejected by Vedantu.
VEFIVE CO-Founder Vamsi Krishna denied discussions with BYJU for sales and said that the long journey of the founding team in the education and technology room was an indication of the impact they wanted as a company.
“We have efficient capital and our annual revenue road level is around $ 65 million – up almost 3x from last year,” Krishna said.
The company intends to use funds to innovate further in the format of direct teaching and penetrate deeper in the K-12 segment by reaching more students.
It’s bullish on international opportunities and also tends to explore the vertical B2B to engage deeper with schools because the education sector experiences massive digitization.
This will also strengthen the function of product engineering.
VEFIVE said it was the first company to offer direct online classes in early 2014 and calculates the first variety of innovations with its name including a wave of exclusive direct teaching platforms and 2-teacher models.
VEFIVE offers guidance courses to K-12 students and competitive exam preparation such as IIT-JEE, NEET, Commerce, CBSE and ICSE.
Every month, more than 35 million users access the Vedantu through the application and the web for free.
The YouTube channel gets 65 million views.
Students also access VEFIVE through special channels in Airtel TV and Sky Tata.
VEFIVE claims to have served more than 2 students who pay for last year’s students – growth of 300% over the previous year.