Vedantu on track to be ‘IPO-ready’ in 18-24 months
Edtech startup Vedantu on Thursday said it is on track to be “IPO-ready” in 18-24 months, and is upbeat about the India market prospects that offer ample headroom for growth.
With Covid-19 cases receding and offline learning modes opening up, the blazing pace of growth in online learning has sobered a bit, but the market is still yielding robust growth numbers, it said.
The company said that as much as 90-95 per cent of the market remains unpenetrated, offering massive scope for edtech players to expand.
Vedantu said it is adequately funded for now, and does not anticipate fresh funding requirement for the next two years. The company, last year, raised USD 100 million from a clutch of investors, and had entered 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.
On the IPO plans, Krishna said that the company is looking at a broad timeline of 18-24 months, and “everything seems to be on track for that”.
Vedantu experienced “12 times” growth on its key metrics amid the pandemic. The company now sees “hyper growth”, making way for “growth” post-COVID.
“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.
Vedantu offers individual and group classes across K-12 and test preparation segments. Students can take individual or group classes on its app or website. Classes are delivered in real time and interactive online learning environment.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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