Bengaluru-based e-learning startup Vedantu, a platform for online and live one-on-one tutoring, has raised $5 million from China-based TAL Education Group, an education and technology enterprise based out of Beijing.
The latest funding is part of $11-million round that Vedantu raised last November in a Series B funding, which was led by Omidyar Network and Accel Partners.
According to IndianWeb2 estimates, Vedantu has so far raised a total of about $16 million in funding over four rounds. Besides Omidyar and Accel, New York-based Tiger Global Management is also investor in the startup and has contributed in Vedantu’s Series A round.
Luo Rong, chief financial officer, TAL Education Group,said, “India is a huge market and we are excited about its potential. In a market like China where the distribution of educational resources is uneven among urban and rural areas.”
Notably, Vedantu is the first Indian education company that TAL has chosen to invest in. The group spent a lot of time analysing the Indian ed-tech companies, and decided to back Vedantu because of the founders’ background, their obsession with learning outcomes and singular vision to provide full-stack service to students, which include live interactive classes.
Foounded in 2011, by IIT alumni – Vamsi Krishna, Saurabh Saxena, Pulkit Jain and Anand Prakash, Vedantu is a live online tutoring platform that enables personalized learning using technology to bring together teachers and students on a single platform to enable live learning between them.
Vedantu has technology tools which enables teachers to provide LIVE teaching to students in an interactive manner using whiteboard, audio and video technology. The company is very focused on technology and has created in-house product which is very optimized for low bandwidth conditions.
On Vedantu student can select from a huge pool of quality teachers. Vedantu has technology tools which enables teachers to provide LIVE teaching to students in an interactive manner using whiteboard, audio and video technology. The company is very focused on technology and has created in-house product which is very optimized for low bandwidth conditions.
These four co-founders have an extremely deep domain expertise in education. They did their first venture in education, Lakshya, in 2006 which later got acquired by a listed company called MT Educare (Mahesh Tutorials) in 2012. As part of Lakshya the founders taught and mentored more than 10,000 students and trained more than 200 teachers between them.
Vedantu’s live tutoring patform is being used by 70,000 students in the past 10 months and these students are from both India and abroad from over 15 countries.
Vedantu, which has about 500 teachers, said the top salary of a tutor goes up to Rs 60 lakh-Rs 80 lakh per annum. With more than 1 million hours of live learning that has happened on the platform, Vedantu said it had been granted a comprehensive patent in the US in the field of live online teaching-learning.
About TAL Education Group (formerly known as Xueersi), it is a leading education and technology enterprise in China, with core business in K-12, English learning and STEAM. Started off as an after-school tutoring services provider in China, TAL group is now the largest public listed education company by market cap in the world.
The group operates jzb.com, an online education platform that serves as a gateway for online courses offered through xueersi.com; and other Websites for specific topics and offerings, such as college entrance examinations, high school entrance examinations, graduate school entrance examinations, preschool education, and raising infants and toddlers, as well as mathematics, English, and Chinese composition.
TAL group also provides educational content through mobile applications like the Mama Bang app, an online platform focusing on children, baby, and maternity market; and provides consulting services for overseas studies under the Shunshun Liuxue name.
Source – Business Standrard
[Top Image – EdTechReview.in]