Education

Edtech start-up Vedantu invests $2 million in doubt-solving app Instasolv

Our Bureau | Updated on June 23, 2020 Published on June 23, 2020

Vedantu, one of the pioneers in live online learning in India, has announced an investment in Instasolv, a doubt-solving app for students from Class 6 to 12 for science, mathematics, IITJEE, and NEET.

Vedantu has invested $2 million as part of a pre-Series A funding round in Instasolv, with full rights to acquisition. 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, which receives 3 million questions on its app monthly, can solve doubts instantly, for free. A student clicks a photo of a question, it uses OCR technology to extract text which further uses AI algorithms to match with a question database to provide an answer in a few seconds to the student. The Instasolv team also runs askIITians, a highly successful edtech platform.

Vamsi Krishna, CEO, and co-founder, Vedantu said: “With this definitive shift in consumer behavior 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.”

Witnessing a major surge after it announced support to students with free access to its complete learning platform during the Covid-19 lockdown, the number of students on the Vedantu platform has increased manifold. Vedantu has solved over 1 million doubts for its students. Over this period, the number of subscribers on Vedantu’s platform has grown exponentially to 1.1 million with collections and revenue which grew by 80 per cent.

“Owing to the pandemic, an increasing number of students is 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 and Tier 4 towns will help drive access to students,” said Aditya Singhal, CEO and co-founder, Instasolv.

Published on June 23, 2020

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