Edtech startup Vedantu is amid a fundraiser and hopes to announce the quantum this month after dismissing reports of a takeover by EdTech company BYJU.
Vamsi Krishna, Vedantu’s co-founder, and CEO claimed in an interview that the company had received multiple calls from vendors following a media article on BYJU’s purchase of Vedantu on August 6.
“All investors have worked in the industry for a long time and are used to hearing these tales. As a result, we are fortunate to have their support,” Krishna said.
“At the moment, Vedantu is growing at a rate of three times per year, and we have no plans to be acquired. As a result, any suggestion of our purchase is nothing more than a dream of someone’s imagination. He continued, “We continue to build Vedantu.”
When asked about the impact of day-to-day investors on BYJU and Vedantu, Krishna pointed out that Tiger Global is the sole day-to-day investor in the two digital businesses. “Tiger Global has decided not to take a board seat in Vedantu, as they have done in the past with other investments,” Krishna stated.
Vedantu intends to use the funds raised to focus on expanding its K-12 services. “We are always open to acquisitions,” Krishna told the journal, “but our investments are focused on improving teaching experiences, our reach, and the delivery of our courses as we aim to enhance outcomes for our students.”
Krishna, Pulkit Jain, Anand Prakash, and Saurabh Saxena founded the company in 2011.
What is Vedantu, and what does it do?
Vedantu presently offers live coaching lessons for children in grades K through 12, including the engineering entrance examinations IIT-JEE Main and Advanced and the medical college entrance exam NEET.
It offers CBSE and ICSE lessons and example question papers, revision notes, mock examinations, and previous year’s papers for CBSE and ICSE and numerous state boards.
Subscribers to Vedantu Online
Vedantu’s website receives 27 million monthly visitors and 68 million monthly YouTube views. Although many of these consumers receive Vedantu’s services for free, the magnitude demonstrates the company’s growing popularity. It also has 200,000 paying customers, which has increased fourfold in the past year.