Consolidation continues to headline the edtech marketplace in India. Now Tiger Global-backed on line tutoring platform Vedantu has joined the likes of Unacademy and Byju’s to discover the inorganic route. The corporation has acquired the Q&A platform Instasolv for an undisclosed sum. The startup focused on solving doubts for students from Class 6 to 12 for science, mathematics, IITJEE, and NEET and had raised $2 million in its pre-Series A funding round from Vedantu. Extending its strategic investment in Instasolv to a comprehensive buyout marked Vedantu’s developing concentrate into Tier-II and Tier-III towns to resolve the challenge of supplying access to high quality teachers and doubt solving for students.
“Last year we took a strategic decision to invest in Instasolv to strengthen our play in doubt-solving, which is one of the key aspects of learning online. We have seen tremendous potential in Instasolv and share the same mission to democratize education in the country,” stated Vamsi Krishna, CEO, and Co-Founder, Vedantu in a corporation statement. The corporation claimed to provide 75 million hours of classes across its platform and with 6.3 million students attending live classes in 2020. With the acquisition, Instasolv brought almost 1 million of its prospective active learners to Vedantu’s platform. The corporation at the moment has almost 20 million Q&A in its database.
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SoftBank and Facebook-backed Unacademy has been the most prolific acquirer of edtech startup in the current previous. The corporation purchased 5 startups final year and had acquired yet another startup expert networking platform TapChief final week at a valuation of Rs one hundred crore. The corporation had turned unicorn in September final year with a $150-million investment led by SoftBank amid Covid-induced development in the edtech marketplace and at the moment competes with Byju’s, Toppr, Vedantu, and so on. India’s biggest edtech corporation Byju’s had acquired coding startup WhiteHat Jr. in August final year and virtual simulations startup LabInApp in September. It had signed a deal to obtain Aakash Education Services in January and had lately purchased customized coaching app for students Scholr.