Edtech startup Vedantu has invested $2 million in Instasolv, a doubt-solving app for high school students and for IITJEE, and NEET aspirants along with full rights to acquire the app. Vedantu's investment is a part of Instasolv's pre-series A funding round.
This is Vedantu's first investment in an EdTech company and will strengthen its focus in the doubt-solving space, where doubts are solved by quality teachers in a chat format.
Instasolv is a startup focused on doubt-solving category and helps students to resolve doubts instantly with a focus on grades 6 to 12 and students aspiring for IIT JEE and NEET. Students can take a photo of a question and get instant answers within a few seconds from the app. Currently, it has 7 million question and answers (Q&As) and it answers almost 100,000 questions on a daily basis.
"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," said Aditya Singhal, chief executive, and co-founder, Instasolv.
This investment also marks Vedantu's focus into Tier 3 & Tier 4 towns where the access to quality teachers is a growing challenge and doubt solving is a key imperative for students.
Witnessing a major surge after it announced free access to its complete learning platform during the Covid-19 lockdown, Vedantu claims to have solved over 1 Million doubts for its students. Over the past few months, the number of subscribers on Vedantu's platform has grown exponentially to 1.1 million users.
"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," added Vamsi Krishna, chief executive, and co-Founder, Vedantu in a statement.
Vedantu currently offers both one-to-one and one-to-many tutoring on its platform for students from 6th to 12th grades, in all major subjects, including mathematics, science, social studies, and English, for the Central Board of Secondary Education, the Council for the Indian School Certificate Examination, and International Baccalaureate.
Till date, Vedantu has received funding of $85 million from investors such as GGV Capital, Accel Partners, Omidyar Network, Westbridge Capital, Tiger Global, and others.