How Vedantu gaining an edge during the Covid-19 pandemic.
The lockdown was imposed to prevent the spread of Covid-19. The pandemic has become a nightmare for many start-ups, while many new start-ups have got the new opportunity, particularly in EdTech. With the EdTech era getting popularity in full force, the demands of education tech companies have increased enormously leading to the development of around three thousand new jobs being observed in this industry, as per the Economics Times report.
Today, we are going to talk about one of the top EdTech start-ups called Vedantu, this company has gained an edge over the lockdown.
“Vedantu has always believed in the concept of Live interaction classes being a superior format for online learning which creates greater learning outcomes. During the lockdown, everyone is talking about Live classes and it is the best time for us to drive more adoption and strengthen our brand as the best destination for Live classes.” Vamsi Krishna, CEO, and Co-founder of Vedantu.
VEDA + TANTU = VEDANTU, VEDA means “Knowledge” and TANTU means “Network” A knowledge network where any student can access teachers personally, anytime anywhere.
It’s all being in 2006 when Vasmi Krishan and his three IITian friends founded the first start-up called “Lakshya”. The institute aimed at training students for various types of tests. Eventually, they noticed that the Indian educational sector needs so many dedicated and skilled teachers. So, they started working on developing such an online platform through Lakshya, it was acquired by MTEducare.
In 2014, Vedantu was introduced officially as an online tutoring platform. Nowadays, this EdTech start-up is improving the education structure through its to make an exceptional online education platform.
It is one of the best online tutoring platforms that has the goal to provide LIVE coaching to students. As per Vedantu, Vedantu’s Unique Selling Point (USP) is its quality of teachers. Over 500 teachers associated with this company, who have taught around 1 million hours to 40,000 students all across the country. This EdTech caters to 1st grade to 12th grade, including school board and Joint entrance examinations preparation. Now kids can learn code as well. The platform offers individual as well as group calls. It also uses two-way audio, video as well as whiteboarding tools, so that Students and teacher both can view, listen, write, and interact in real-time.
This pandemic has definitely led to huge growth for the Vedantu. Over the past 6 months, the number of subscribers has expanded exponentially.
Rectally, each month around 25 million students have been using Its’s services. The Company has reported a 220% growth in users to 2 million unique pupils who have taken LIVE classes over the past three months.
In 2019, Vedantu introduced us WAVE platform that has developed by AI (Artificial intelligence) to make LIVE classes more enticing and engaging. Most of the online education platform face low completion rate. This issue has been solved by Vedantu.
In June 2020, the company invested 2$ million in an EdTech organization and has been developed a doubt-solving app for Jee mains and advance and NEET aspirants and other users too. During this pandemic, Vedantu has been offering Free LIVE Interactive classes as well as premium contests for all grade and JEE/NEET aspirants, so that students’ education isn’t interrupted due to Covid-19.
Rectally, company proclaimed $100 million in series d led by Coatue Management (US-Based). This round funding, Vedantu is valued at $60Omn that makes it 2nd most valued E-learning platform.
Vamsi Krishan is the CEO of the company who did graduation from IIT Bombay. Before Vedantu, he was a co-founder of Lakshya. He also worked with L&T as a management trainee for a year.
Pulkit Jain is the Co-founder of Vedantu and Lakshya, who graduated from IIT Roorkee. He was also an employee of EvalueServe till 2006. The man has become an inspiration for many entrepreneurs.
Anand Parks is yet another Co-founder of this E-learning platform who is also an ex-student of IIT Roorkee. Before Vedantu, he was working as a manager at Abhishek industries. He is also known as the former Co-founder of Lakshya.
Saurabh Saxena, who did bachelorette in chemical engineering from IIT Roorkee. He is the founder and CEO of EdTech firm and former Co-founder of Vedantu.
Recent Funding History
The Company has raised approximately $200mn in a total funding round that is valuing the company at $600.
In Feb 2020, amid its series C1 round, the company got funding $12.5mn from Chinese Venture capital firm Legend Capital, with participation from Omidyar’s Ohana Holdings LLC.
In April 2020, the company raised $6.8mn funding led by a Korean-based firm KB Global Platform.
In the end, I would say that online learning is becoming a tradition these days that shows that the EdTech sector will have endless potential toward boost and expansion.