IBEF: June 24, 2020
Vedantu, an edtech start-up, invested US$ 2 million in Instasolv, a doubt-solving app for high school students and for IITJEE, and NEET aspirants along with full rights to acquire the app. This investment was a part of Instasolv's pre-series A funding round.
This marks Vedantu's first investment in an EdTech company and will strengthen its focus in the doubt-solving space, where doubts are solved by quality teachers in a chat format.
Instasolv is a start-up dedicated on doubt-solving category and helps students to resolve doubts instantly with a focus on grades 6 to 12 and students aspiring for IIT JEE and NEET. Here, students can get answer instantly within seconds by uploading the photo of a question on the app. The app has database of 7 million question and answers (Q&As) and it answers almost 100,000 questions daily.
"Through Vedantu's investment in Instasolv, we plan to expand our offering and enrich features so that students can access learning on the app itself. We believe that providing access to great teachers and vernacular content (keeping in mind state syllabi) at a price accessible to Tier 3 & Tier 4 town will help drive access to students," said Mr Aditya Singhal, chief executive, and co-founder, Instasolv.
Vedantu is also expanding its focus into Tier 3 and Tier 4 towns where the availability to quality teachers is a challenge and doubt solving is a key imperative for students.
Vedantu witnessed an increase during COVID-19 lockdown, thus it announced free access to its complete learning platform during this time. It also claims to have solved over one million doubts for its students. The number of subscribers on the platform has increased exponentially to 1.1 million users.
"Our investment in Instasolv is a strategic step to strengthen our play in doubt-solving, which is one of the key aspects of learning online. We are excited to partner Instasolv and leverage the category as more students join this new learning wave in Tier 3 and Tier 4 markets," added Mr Vamsi Krishna, chief executive, and co-Founder, Vedantu in a statement.
Vedantu presently offers both one-to-one and one-to-many tutoring on its platform for students from 6th to 12th grades, in all major subjects, including mathematics, science, social studies, and English, for the Central Board of Secondary Education, the Council for the Indian School Certificate Examination, and International Baccalaureate.
Vedantu has received funding of US$ 85 million from investors such as GGV Capital, Accel Partners, Omidyar Network, Westbridge Capital, Tiger Global, and others.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.