Vedantu nears unicorn title with $100m funding

Online learning firm Vedantu is in advanced talks to raise $100 million, valuing it at a billion dollars, post-money, as it is firmly proceeding with a fundraising, instead of a rumoured acquisition by Byju's, sources said.

About $60 million will be contributed by existing investors -- Coatue Management, GGV Capital and Tiger Global Management -- while an Asian private equity fund is expected to invest $40 million, sources said.

People close to the transaction insisted that Vedantu never held a conversation with Byju's, putting an end to acquisition rumours reported by Entrackr earlier this month. CEO Vamsi Krishna also strongly denied the development in the report and in subsequent interviews, saying that building out Vedantu independently was his priority.

It provides classes for CBSE and ICSE as well as various state boards, sample question papers, revision notes, mock tests and previous years' papers. Vedantu said, in May, it has 27 million monthly visitors on its website and 68 million monthly views on YouTube.