TAL Education-backed online tutoring service Vedantu's Coatue-led series D round increased its valuation from $280m to $600m.
Vedantu, an India-based online tutoring service backed by educational services provider TAL Education, secured $100m yesterday a in series D round led by investment manager Coatue.
Unnamed existing backers also took part in the round, which valued the company at $600m. It said it has now raised more than $200m in equity and debt financing altogether.
Founded in 2011, Vedantu provides live, interactive online classes for students in primary and secondary education. Its online platform also offers personalised learning reports to help students better understand their strengths and weaknesses.
The company has more than doubled the number of users on its platform to more than 2 million during lockdown. It will use the funding to scale and expand its offering and launch additional coding tutorials for pre-teen users.
Rahul Kishore, managing director of Coatue, will join Vedantu’s board of directors in conjunction with the round. It comes after KB Global, part of financial services firm KB Global, invested $7m to help Vedantu close a $19.6m series C1 round in April this year at a $280m valuation.
Legend Capital, the VC firm formed by conglomerate Legend Holdings, led the $12.6m first tranche earlier in the month, investing with Omidyar Network’s Ohana Holdings unit.
The company had completed a $66m series C round in February 2020 that was led by GGV Capital and backed by educational services provider TAL Education, Tiger Global Management, WestBridge Capital, Accel and Omidyar Network India.
TAL Education had already contributed to an $11m series B round for Vedantu in late 2018, investing alongside Omidyar Network and existing backer Accel.