Education technology start-up Vedantu has raised $100 million from US-based Coatue Management as part of its Series D round of funding.
Coatue Management has been added of the list of Vedantu investors which include Tiger Global, GGV Capital, Omidyar and Westbridge Capital. With this latest investment, the value of the online tutoring start-up has been raised to over $600 million. It has now become the second-highest valued ed-tech company in India after Byju's.
The latest trend of foreign investors putting big bucks in Indian ed-tech startups continues with this deal. Earlier, Silicon Valley investor and analyst Mary Meeker's Bond Capital had invested heavily in Byju's. Byju's is currently valued at around $10.5 billion making it one of the biggest tech-based companies in India.
Vedantu told The Economic Times that they had registered a 220% growth in users in the last three months. Over 2 million unique students had attended the company's online live classes in the past three months.
"Strong growth and category leadership of Vedantu in live online tutoring - these were the main reasons for us to gain investor interest," said Vamsi Krishna, CEO of Vedantu. Taking about the investment, Krishna said, "It was a good opportunity to raise more money and create a war chest."
Rahul Kishore, the managing director of Coatue Management will be joining Vendantu's board of directors. "Online learning adoption in India is at an all-time high, setting a new benchmark for the rest of the world," Kishore said in a statement.
Vedantu is planning to invest in its brand and also in new categories for students of Grade 1 to Garde 5. In the last funding round the company had raised $24 million from GGV Capital and before that $42 million from Tiger Capital.