Vedantu Innovation Pvt. Ltd, which runs an eponymous online learning and tutoring platform, said Monday it has acquired mobile learning app Instasolv to ramp up its service offerings.
Vedantu said in a statement the it will gain access to nearly 1 million Instasolv users through this deal.
Instasolv, owned and operated by Adinio Services Pvt Ltd, is a mobile app that instantaneously aims to resolve doubts of students from grade six to 12 for engineering exams.
Vedantu didn’t disclose the deal value. The deal comes less than a year after Vedantu first invested in Instasol in June 2020. The $2 million (roughly Rs 15 crore then) investment in the pre-Series A round offered Bengaluru-based Vedantu an option to buy Instasolv for a limited period, according to various media reports.
“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,” Vedantu co-founder Vamsi Krishna said.
Vedantu was founded in 2011 by Vamsi Krishna, Anand Prakash, Saurabh Saxena and Pulkit Jain. In its most recent financing round, the ed-tech company had raised $100 million (Rs 752 crore) in Series D capital last year. Its investors include US-based investment firm Coatue, Tiger Global Management and Accel.
The company claims to have more than 25 million monthly users across 1,000 cities worldwide. It says it delivered 75 million hours of classes across its platform in 2020 and 6.3 million students attended its live classes.