Vedantu, an EdTech firm, has been in the middle of fundraising and has intended to announce the quantum this month, after refuting allegations of a takeover by BYJU’s.
Vamsi Krishna, Vedantu’s co-founder and CEO, had mentioned in an interview that the firm had received many calls from suppliers since the media reported on BYJU’s acquisition of Vedantu on August 6.
Their investors had all been in the company for a long time and were well aware of the rumours. Krishna said that they were lucky to have their support.
He said that currently Vedantu was expanding three times each year and they had no plans to be bought and any suggestions of their purchase would be just fictional. He added to say that they would be continuing to construct Vedantu.
When asked about the impact of common investors on BYJU’s and Vedantu, Krishna pointed out that Tiger Global is the sole common investor between the two EdTech companies. Krishna also said that Tiger Global had elected not to accept a board seat in Vedantu, as they had done in the past with previous investments.
Vedantu had intended to use the funds raised to expand its K-12 services. Krishna mentioned that they would always be open to acquisitions, but their investments would be committed to improving teaching experiences, expanding their reach, and delivering their courses as they strived to enhance student outcomes.
Vedantu, which was founded in 2011 by Krishna, Pulkit Jain, Anand Prakash, and Saurabh Saxena, now supports dynamic coaching courses for K12 students, including for admission examinations such as IIT-JEE Main and Advanced for engineering and NEET for medical institutions.
It offers lessons for CBSE, ICSE, and other state boards, and also sample question papers, revision notes, mock exams, and previous year’s examinations. Vedantu claims 27 million monthly website traffic and 68 million monthly YouTube views. Many of these clients receive Vedantu’s services for free, but the magnitude reflects the company’s rising popularity.
It has 200,000 paying subscribers, which has increased fourfold in the last year.