Vedantu, an edtech startup, announced on Thursday that it is on pace to be “IPO-ready” in 18-24 months and is optimistic about India’s market prospects, which give plenty of room for expansion. The scorching pace of growth in online learning has slowed a little as COVID-19 cases fade and offline learning modalities emerge, but the business is still producing impressive growth numbers, according to the report.
According to the business, 90-95 percent of the industry is still untapped, giving edtech companies plenty of room to grow.
Vedantu stated that it is now properly funded and does not foresee any further funding requirements in the next two years. Last year, the company raised $100 million from a group of investors, putting it into the coveted unicorn club.
“Within the time frame of 18-24 months we want to be IPO-ready, which means the shape of our P&L (Profit and Loss), our systems and associated processes, we want to be robust and mature in those,” Vamsi Krishna, CEO and co-founder of Vedantu, said at a virtual briefing.
Regarding the IPO, Krishna stated that the business is targeting an 18-24 month schedule and that “everything appears to be on pace for that.”
During the pandemic, Vedantu saw a “12-fold” increase in its key metrics. After COVID, the corporation expects “hyper growth,” which will pave the way for “growth” in the future.
“Even before COVID, our growth rates were pretty strong, not as strong as during COVID times… but 2-2.5 times is still strong growth. What COVID did was that it accelerated that growth. With cases receding, the acceleration will go back and normalcy will come, which is over 2-2.5 times,” Krishna said.
Vedantu on Thursday launched WAVE 2.0, an interactive and engaging classroom, at its event Vtopia.
“The patented technology will redefine the learning experience and performance recognition at a whole new level. The 2.0 version of the WAVE (Whiteboard Audio Video Environment) learning platform envisions inspiring every child, making quality education accessible and creating an impact at scale in India,” the company said in a statement.
Individual and group sessions are available in the K-12 and test preparation segments at Vedantu. On the app or website, students can enrol in solo or group classes. Classes are offered in an interactive online learning environment in real time.
