The TAL Education-backed online tutoring platform developer achieved unicorn status with a round hiking its overall funding to about $295m.
Vedantu, an India-based online tutoring service backed by educational services provider TAL Education, has raised $100m in funding, pushing its valuation to $1bn, The Economic Times reported yesterday.
ABC World Asia, an impact investment fund backed by engineering services provider Sembcorp, energy distributor SP Group and Singaporean state-owned investment firm Temasek, led the round. Coatue Management, Tiger Global Management, WestBridge Capital and GGV Capital also participated.
More investors are expected to come onboard as the round has yet to close, with sources telling ET that between $10m and $20m more could be injected at the same valuation.
Vedantu provides an online primary and secondary education tutoring platform for individual pupils or groups. It plans to use the funding to expand overseas and add more regional languages to its repertoire.
The company had also secured $100m in a July 2020 series D round led by Coatue with backing from unnamed existing investors. It came three months after a $12.6m series C1 round led by Legend Capital that also featured Omidyar Network.
The April round was preceded by a series C that closed at $66m in February 2020 and which included TAL Education, Tiger Global, WestBridge Capital, GGV Capital, Accel, Omidyar Network and unnamed existing investors.
TAL Education had previously invested $5m as part of the company’s $11m series B round, in 2018, which included Omidyar Network and Accel, the latter of which had joined Tiger Global in a $5m series A round three years earlier.