Edtech unicorn Vedantu raised Rs 19.25 crore ($2.3 million) in financing and equity from Stride Ventures. The Bengaluru-based company’s first funding round since its $100 million round valued it at $1.1 billion is likely this.
According to the filings of the Registrar of Companies, Stride Ventures Debt Fund II gave Vedantu Rs 19.25 Cr. The board approved 1,750 non-convertible debentures to raise Rs 17.5 crore and Rs 1.75 crore in equity.
Vedantu, like other edtechs, is struggling, but the small investment will help. According to TheKredible, the company had Rs 299 crore in net current assets in March 2023, including Rs 39 crore in cash and bank accounts.
Vedantu, Unacademy, Cuemath, and Classplus have all struggled to raise money in recent years.
Vedantu also wants to buy the remaining 9.32% of Ahmedabad-based Pedagogy via a share swap. After the deal, Vedantu will issue 87,198 equity shares worth Rs 1.53 crore to Pedagogy co-founders Archin Shah and Ritesh Gandhi. The corporation acquired Pedagogy stakes in July 2021, exclusively disclosed by Entrackr.
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Pedagogy offers popular books and digital courses from trusted publishers and coaching centers nationwide for JEE, NEET, NET, CTET, and other entrance exams.
Vedantu partnered with Vignan Institute to open six learning centers for higher secondary schools in Andhra Pradesh and Telangana, like other edtechs.
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