New Delhi, Jun 23 (PTI) Live online learning platform Vedantu on Tuesday said it has invested USD 2 million (over Rs 15 crore) in Instasolv, a doubt-solving app for students from Class 6 to 12 for science, mathematics, IIT-JEE, and NEET.
“Vedantu has invested USD 2 million as part of a pre-series A funding in Instasolv, with full rights to acquisition,” according to a statement.
This is Vedantu’s first investment in an edutech company and will strengthen its focus in the doubt-solving space, where doubts are solved by quality teachers in a chat format, it added.
The transaction will also enable Vedantu to grow its focus on tier-III and IV towns where the access to quality teachers is a growing challenge and doubt solving is a key imperative for students, the statement said.
Instasolv, whose team also runs askIITians, receives three million questions on its app monthly.
Vedantu said it has seen a massive increase during the COVID-19 outbreak as students continued learning from the safe confines of their homes. Over this period, the number of subscribers on Vedantu’s platform has grown to 1.1 million with collections and revenue growing by 80 per cent.
“With this definitive shift in consumer behaviour from offline to online, Vedantu will continue to explore opportunities to scale impact, strengthen platform features and expand into new categories. Our investment in Instasolv is a strategic step to strengthen our play in doubt-solving, which is one of the key aspects of learning online,” Vedantu CEO and co-founder Vamsi Krishna said.
Aditya Singhal, CEO and co-founder of Instasolv, said there have been a spurt in the number of queries on its platform.
“Through Vedantu’s investment in Instasolv, we plan to expand our offering and enrich features so that students can access learning on the app itself. We believe that providing access to great teachers and vernacular content (keeping in mind state syllabi) at a price accessible to tier-III and IV towns will help drive access to students,” he said.