Vedantu, an edtech startup, said it is on track to be “IPO-ready” in 18-24 months and is optimistic about India’s market prospects, which give plenty of room for expansion. The scorching pace of growth in online learning has slowed a little as COVID-19 cases recede and offline learning modalities emerge. However, according to the report, the business is still producing impressive growth numbers.
According to the business, 90-95 per cent of the industry is still untapped, giving edtech companies plenty of room to grow.
Vedantu stated that it is now adequately funded and does not foresee any further funding requirements in the next two years. Last year, the company collected $100 million from a group of investors, putting it into 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.
Vedantu experienced a “12 times” growth in its key metrics during the pandemic. After COVID, the company sees “hyper growth,” which will pave the way for “growth”.
“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
At its Vtopia event on Thursday, Vedantu launched WAVE 2.0, an interactive and engaging classroom.
“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.