Vedantu gets $6.8 mn cheque from KB Global in extended Series C round

Vedantu gets $6.8 mn cheque from KB Global in extended Series C round
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23 Apr, 2020

Vedantu Innovations, the Bengaluru based edtech startup backed by Tiger Global Management, continues to expand its Series C round. In a further extension of the round, the company has raised $6.8 million from KB Global Platform Fund, an arm of South Korean banking group KB Financial Group.

KB Global has been allotted 3,82,235 ‘Series C2’ compulsorily convertible preference shares for Rs 1,363.3 each, according to Vedantu’s latest regulatory filings.

The latest extension to the Series C round tranche comes within two weeks of its $12.7 million fund infusion from Chinese venture capital firm Legend Capital and returning investor Omidyar Network’s Ohana Holdings. 

The company raised the first part of the Series C round back in August last year when returning investor Tiger Global led a $42 million tranche. 

The second tranche came in February this year when Shanghai-based venture capital firm GGV Capital led a $24 million tranche. At the time, the company said it would invest the capital to build its brand and expand its product offerings for students from kindergarten to class 5.

Other earlier investors in the firm include WestBridge Capital, Trifecta Capital Advisors and Accel.

Founded in 2011 by Vamsi Krishna, Anand Prakash, Saurabh Saxena and Pulkit Jain, Vedantu provides an interactive online learning experience. Tutors and students on the platform can interact via a whiteboard, audio and video environment.

Vedantu claims to have over 500 teachers and about 40,000 students across 30 countries on its platform. 

In the live course segment, the platform competes with Facebook-backed Unacademy and Gradeup.