News in Brief
Vedantu secures $100mn in Series D funding led by Coatue Management
The latest capital raising values Vedantu at $600 million, making it the second most valued Indian edtech start-up after Byju's.
Edtech start-up Vedantu raised $100 million in its Series D financing round led by US based Coatue Management. Existing investors Tiger Global, GGV Capital, Omidyar and Westbridge Capital also participated in the fundraising.
The latest capital raising values the Bangalore based start-up at $600 million, making it the second most valued Indian edtech start-up after Byju's. Vedantu will reportedly use the proceeds to invest in its brand and new categories of Grade 1-5 education. It will also enhance its technological infrastructure.
Vamsi Krishna, Co-founder and Chief executive officer, Vedantu, said: “Strong growth and category leadership of Vedantu in live online tutoring -- these were the main reasons for us to gain investor interest. It was a good opportunity to raise more money and create a war chest.”
The Series D funding comes just after three months after Vedantu secured $13 million in an extended Series C round of funding from Chinese venture capital firm Legend Capital, existing investor Omidyar Networks and others.