Vedantu, one of the pioneers in live online learning in India, has announced an investment in Instasolv, an app for solving doubts for students in grades 6 through 12 for science, math, IITJEE and NEET.
Vedantu has invested $ 2 million in Instasolv as part of a pre-Series A financing round and has full rights to acquire. This is Vedantu’s first investment in an Edtech company and will strengthen its focus on the area of doubt, where doubts are resolved by qualified teachers in a chat format.
Instasolv, which receives 3 million questions per month in its app, can resolve doubts immediately and free of charge. A student clicks on a photo of a question. OCR technology extracts text that matches AI with a questionnaire using AI algorithms to give the student an answer in a few seconds. The Instasolv team also runs askIITians, a very successful edtech platform.
Vamsi Krishna, CEO and co-founder of Vedantu, said: “With this definitive shift in consumer behavior from offline to online, Vedantu will continue to look for ways to scale the impact, strengthen platform functionality and expand into new categories. Our investment in Instasolv is a strategic step to strengthen our game in solving doubts, which is one of the key aspects of online learning. We are excited to have Instasolv as a partner and use the category as more students join this new wave of learning in Tier 3 and Tier 4 markets. ”
The number of students on the Vedantu platform has multiplied after announcing support for students with free access to their full learning platform during the Covid-19 lockout. Vedantu has resolved over 1 million doubts for his students. During this period, the number of subscribers to the Vedantu platform has grown exponentially to 1.1 million. The collections and revenue increased by 80 percent.
“Because of the pandemic, more and more students are learning from home, which has led to an increase in the number of requests on our platform. This ensures that instant problem solving and live online learning go hand in hand. By investing Vedantu in Instasolv, we plan to expand our offer and expand the functions so that the students can access the learning themselves via the app. We believe that providing access to great teachers and local content (taking into account state curricula) at a price that is accessible to Tier 3 and Tier 4 cities will help improve student access, ” said Aditya Singhal, CEO and co-founder of Instasolv.