TAL Education helped boost the tutoring platform operator’s overall equity and debt financing to more than $59m, having previously invested $5m in November.
India-based school tutoring platform Vedantu added $42m yesterday in a series C round that included education services provider TAL Education.
Hedge fund manager Tiger Global Management and private equity firm WestBridge Capital co-led the round, which included venture capital firm Accel, investment firm Omidyar Network’s India unit and Vedantu’s founding team.
Prince Maximilian of Liechtenstein also contributed in his capacity as CEO of private banking and asset management firm LGT Group.
Founded in 2011, Vedantu has created an online platform with more than 15 million users that enables schoolchildren aged six to 18 to access live virtual classes and one-on-one tutoring in subjects including English, mathematics, science and social studies.
The software is equipped with machine learning-driven technology that collects feedback from students and identifies reservations they may have about studying. It can also compile game-like quizzes based on educational content.
The company did not disclose the valuation at which it raised the money, but Inc42 had reported earlier this month that it was seeking $30m at a pre-money valuation of $100m to $110m.
Vedantu will use the series C capital to progress customer acquisition and grow its brand, scaling its operations and enhancing its underlying technology in a bid to become India’s biggest online K-12 tutoring provider. In addition to India, Vedantu facilitates classes in roughly 30 other countries.
The company received about $1.4m of debt and preferential series B equity from Trifecta Capital earlier this month, according to Inc42. TAL Education contributed $5m to its $11m series B round in November 2018, though its involvement did not emerge until months later.
Omidyar Network led the series B round, which included Accel and Tiger Global Management, the two investors that supplied $5m in series A funding for Vedantu in 2015, according to media reports.