SUMMARY
- Vedantu raised ₹19.25 Cr through debt and equity from Stride Ventures Debt Fund II.
- The Firm plans to acquire the remaining 9.32% of Pedagogy via a share exchange agreement.
- In FY23, Vedantu’s operating revenue fell 7.8% to ₹153 crore, with ₹299 crore in net current assets.
Vedantu, an edtech unicorn company has raised loan and equity money from Stride Ventures totaling ₹19.25 crore ($2.3 million). As per the firm’s regulatory papers obtained from the Registrar of Companies, it has raised fresh funding from Stride Ventures Debt Fund II.
To raise ₹17.5 crore and ₹1.75 crore in equity, the board of the company decided to allocate 1,750 non-convertible debentures.
The 2011 unicorn tech startup, Vedantu is co-founded by Vamsi Krishna, Anand Prakash, and Pulkit Jain. It mainly focuses on online and offline tutoring for school students as well as competitive exams like NEET and JEE. In a recent development, as per Entrackr, Vedantu has offered to buy out the entirety of Ahmedabad-based Pedagogy by purchasing the last 9.32% of the business through a share exchange agreement. The co-founders of Pedagogy, Archin Shah and Ritesh Gandhi, will get 87,198 equity shares valued at ₹1.53 crore from Vedantu as a result of the acquisition.
Although the company has not yet released FY24 financials, the edtech‘s operating revenue decreased 7.8% to ₹153 crore in FY23. The company’s net current asset as of March 2023 was ₹299 crore, which included ₹39 crore in cash and bank balances.
