Edtech startup Vedantu Innovations is looking forward to launching global operations ahead of an initial public offering (IPO) in 2023-24, according to a report by the Mint. One of the largest online tutoring platforms in India that turned into a unicorn last year, Vedant Innovations is likely to launch operations in West Asia by June, VCCircle reported quoting the company's co-founder and CEO, Vamsi Krishna.
The Bengaluru-based startup is likely to expand to at least one more international market in the near term before exploring newer geographies in the South Asia and Commonwealth regions, Krishna said.
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Like its rival Byju’s, Vedantu is looking at acquisitions to expand its footprint in India and abroad. “We are completely open and have been evaluating that option (acquisitions),” the VCCircle report quoted Krishna as saying.
The CEO explained that it would weigh building a team or a product in India and other geographies. If such a team and product already exists, the company would attempt to integrate it, Krishna.
Though Krishna did not divulge the financial details on the global foray, he said the company would invest “heavily” into foreign expansion if the global operations contributed about 10 percent to Vedantu’s revenue.
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The edtech platform plans to hit the market with a public issue within the next 18-24 months.
Founded by Vamsi Krishna, Anand Prakash, Pulkit Jain and Saurabh Saxena in 2014, the online tutoring firm raised $100 million in a Series E round of funding last year to reach a valuation of $1 billion.
Earlier, Krishna clarified that the company was not in talks with Byju’s after reports that suggested its larger rival Byju's was planning to buy it out. He called any speculation about an acquisition or merger being “absolutely 100 percent inaccurate.”
A report by Entrackr had claimed that Byju’s was willing to offer $700- $800 million to acquire Vedantu.
Vedantu acquired two companies for undisclosed amounts in 2021 —Pedagogy (operated by WeColab Edusystem) in Ahmedabad and Instasolv (operated by Adinio Services) in Noida.
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