With more financial resources, Vedantu will redefine the learning experience for students
Bangalore Based Vedantu, a live online tutoring firm, raised a funding of $5 million from Beijing based education and technology enterprise, TAL Education Group on 3rd April. TAL has chosen Vedantu to enter the Indian education market. The investment was a part of the $11 million round that the firm raised last November in a Series B funding led by Omidyar Network and Accel.
As per Lao Rong, chief financial officer, TAL Education Group:
“India is a huge market and we are excited about its potential,”
As per Rong, TAL spent a lot of time analyzing the Indian ed-tech industry and decided to go with Vedantu due to various factors including founder’s background, their passion, and vision for their niche and the outcomes.
Making learning more convenient
Vedantu, which means ‘knowledge network,’ is an online portal, which facilitates group and one-on-one sessions between teachers and students. It caters to students from classes VI to XII and prepares them for school board and competitive exams. An hour’s group session costs ₹ 50-150 and a private session costs ₹ 00-600. Vedantu’s group sessions are very popular in tier 2 and tier 3 cities and they are planning to use their funds in the expansion of that market as well as technological advancement. The technological development will be focused on the improvement of the personalizing experience of the sessions as well as on other aspects like tracing of a student’s attention span and concept understanding using machine learning, facial recognition and others. About 70,000 students have used the platform in the past 10 months. These also include students outside India from over 15 countries.
The Learning Bazaar
Vamsi Krishna, chief executive officer and co-founder of Vedantu, said:
“The (offline) coaching in India is a $60 billion market. We really look forward to partner with TAL’s technology and operational expertise and reach millions (of students) in India soon”.
The Indian education market was of $100 billion in 2016 and it is expected to almost double to $180 billion by 2020, catalyzed by the rapidly growing digital learning market and having the largest population in the age range of 6-17 years, based on a report by consulting firm Technopak. The content start-ups are grabbing investors’ eyeballs as they can reach the 200-300 million new internet users from tier 2 and tier 3 cities.
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