Making its first acquisition in the edtech space, live learning platform Vedantu has acquired Instasolv, a doubt-solving app for students from Classes 6 to 12 for science, mathematics, IITJEE, and NEET.
This also marks Vedantu's growing focus into tier-2 and tier-3 towns as Instasolv’s core focus is in these regions. With this acquisition Instasolv brings in close to 1 million of its potential active learners to Vedantu's platform. In addition, Instasolv will leverage Vedantu's live classes, tech, product and content.
Last year, Vedantu had invested $2 million as part of a pre-series A funding in Instasolv.
“We have seen tremendous potential in Instasolv and share the same mission to democratize education in the country. Through this partnership we endeavor to change India’s learning curve through definitive outcomes,” said Vamsi Krishna, CEO and co-founder, Vedantu. “Delivery and distribution are two major areas where Vedantu deeply invests and continues to look for inorganic acquisition,” he added.
Vedantu had last year delivered 75 million hours of classes across its platform and with 6.3 million students attending live classes. The Tiger Global backed startup has raised over $200 million so far with a $100 million round from US-based investment firm Coatue and others last year.
With Covid-19 adding tailwinds to the edtech sector, it has seen several mergers and acquisitions in the past year and the trend is likely to continue this year. Edtech unicorn Unacademy last week acquired TapChief, a professional networking and future of work platform. Edtech decacorn has also been on an acquisition spree with the Bengaluru-based company set to acquire edtech startups Toppr and Scholr, according to reports. It is also in talks to acquire exam preparation firm Aakash Educational Services Limited for about $700-750 million.