Vedantu, a six-month old live online tutoring platform said the company has raised $5 million (around Rs 32 crore) in Series A funding from Accel Partners and Tiger Global Management.
The Bengaluru-based education technology start-up's platform brings together teachers and students to enable personalised live learning between them.
Currently, the company provides live online tutoring sessions for students from grade grade 6 to 12. Their offerings range from monthly tuitions and IIT Foundation to preparation for exams like national talent search expaminsation (NTSE), problem solving assessment (PSA), Kishore Vaigyanik Protsahan Yojana (KVPY), International Mathematics Olympiad (IMO) & Joint Entrance Examinations (JEE) Mains.
The start-up works on a marketplace model where a student can choose a teacher and his/her preferred timings for tutorials. On an average, a student has to spend about Rs 150-250 per hour for the class.
Apart from developing a mobile-based platform, the new funds will also be deployed for improving the company's technology compatibility with varying bandwidth across the country.
"We see huge potential for personalised online live tutoring in India.
We know the Vedantu founders for a few years now, and are very impressed with their domain expertise in education and technology skills," said Anand Daniel, Partner, Accel Partners.
"Our technology simulates a live session across the desk interaction between a teacher and a student giving them an experience as if they were sitting across each other. Being an online platform gives the convenience to both teacher and student to teach and learn from their own different locations across India thus breaking down demographic barriers," said CEO & Co Founder, Vamsi Krishna.
Vedantu, the second venture of four IITian friends Vamsi Krishna, Pulkit Jain, Saurabh Saxena and Anand Prakash, was started to democratise and personalise the supplementary education segment in the country. Over the six-month period, the start-up has more than 5,000 hours of live online classes to its credit with more than 100 teachers and 1,000 active students.
According to Krishna, the start-up has seen interest from more than 40 cities in India, including tier-I,-II and -III cities. However, about 60 per cent of students come from tier-I cities as of now, he added.
Their first venture, Lakshya, also in the education field, was started in 2006 which subsequently got acquired by a listed company, MTEducare in 2012.