This comes just a few months after Vedantu closed a $100 million round led by Coatue Management. While the company claimed a $600 million valuation in the Series D round that also had a little secondary component, sources estimates showed that it was valued at $510 million.
“The talks have been on for the past month and Vedantu could be valued in the range of $850-900 million,” said one of the sources on condition of anonymity. If the transaction goes through, this would be a 3X jump in the company’s valuation in just seven months.
Vedantu has declined to offer comment for the story. A Tiger Global spokesperson said they will let us know should they have a comment. GGV Capital and KKR didn’t respond to sources’ queries sent on Wednesday. We will update the story as and when they respond.
Vedantu had raised $7 million in an extended Series C round from KB Global at a valuation of $280 million. Vedantu’s core offering covers online classes covering grades 6 to 12. It also has study materials from grade 1 to 12 and JEE entrance examinations. In an interview with TechCrunch in July, CEO Vamsi Krishna said Vedantu serves 25 million students each month and that the startup has added 2 million students during the lockdown earlier this year.
Importantly, Vedantu also ventured into kids coding space (age bracket 6-12) in May this year and since then it has been widely marketing it. Of late, the ‘kids coding vertical’ has been one of the anchors in the fundraising of all edtech platforms. Early this year, Byju’s had acquired segment leader Whitehat Jr in an eye-popping deal worth $300 million cash.
This year has had a great run for edtech companies in India.