Online learning startup Vedantu has invested $2 million as part of a pre-series-A funding in Instasolv, an instant doubt-solving app for students from Class 6 to 12 for science, mathematics, IITJEE, and NEET with full rights to acquisition.
Online learning start-up Vedantu has invested $2 million as part of a pre-series-A funding in Instasolv, an instant doubt-solving app for students from Class 6 to 12 for science, mathematics, IITJEE, and NEET with full rights to acquisition.
This is Vedantu's first investment in an EdTech company and hopes to strengthen its focus in the doubt-solving space, the start-up said in a statement.
This also marks Vedantu's growing focus into Tier-3 and Tier-4 towns where the access to quality teachers is a growing challenge and doubt solving is a key imperative for students.
Instasolv said its team, which also runs askIITians, is a highly successful EdTech platform and has in-depth expertise in doubt solving where doubts are solved by quality teachers in a chat format.
Funds raised will be used to expand the question and answer database, better address state level curriculums in different languages and develop more features so that students can take classes on the app itself.
Vedantu has solved more than 1 million doubts for its students and has seen a massive increase in the number of students since it announced free access to its complete learning platform during the Covid-19 lockdown.
As students continued learning from the safe confines of their homes, the number of subscribers on Vedantu's platform has grown exponentially to 1.1 Million with collections and revenue which grew by 80 percent.
The learning and teaching methods are changing drastically during the Covid-19 period, says Vamsi Krishna, Co-founder and CEO, Vedantu.
He adds, "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."
"We are excited to partner Instasolv and leverage the category as more students join this new learning wave in Tier 3 and Tier 4 markets."
Instasolv, which receives 3 million questions on its app monthly, claims to solve doubts instantly for free.
Here is how it works:
A student clicks a photo of a question, Instasolv uses OCR technology to extract text and further uses AI algorithms to match with a question database to provide an answer in a few seconds to the student.
Aditya Singhal, co-founder and CEO, Instasolv, said, "Owing to the pandemic, an increasing number of students are learning from home, which has led to a spurt in the number of queries on our platform."
"This ascertains that instant doubt solving, and LIVE, online learning go hand in hand. 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 3 & Tier 4 town will help drive access to students."
Vedantu offers individual and group classes delivered by experienced teachers in a LIVE real-time, virtual learning environment. Students also access content, take assessments, and get their learning reports on the platform.
Over 1 Million students study LIVE every month on the platform and more than 25 Million users every month from 1000+ cities and 40+ countries access free content, tests, doubts, videos on Vedantu's platform, and its channels on YouTube.