Instasolv, an education-technology company that focuses on doubt-clearance for middle and high school students, has been acquired by Vedantu.
Bengaluru-based Vedantu said the acquisition will boost its doubt-clearance capabilities and increase its presence in Tier-II and Tier-III markets.
The two companies did not disclose the financial details of the transaction.
The development comes eight months after Vedantu initially invested $2 million (around Rs 15 crore) in Noida-based Instasolv, which is operated by Adinio Services Pvt Ltd.
At the time, Instasolv co-founder Aditya Singhal told TechCircle that the investment also provided Vedantu the right to acquire the company for a limited period.
Vedantu
Vedantu, operated by Vedantu Innovations Pvt Ltd, was co-founded by Vamsi Krishna, Anand Prakash, Saurabh Saxena and Pulkit Jain in 2011. The company says it has over 25 million monthly users across 1,000 cities around the world.
In July last year, it raised $100 million (around Rs 752 crore) in a Series D fundraising round led by United States-based Coatue Management.
The investment came three months after Vedantu secured $13 million in an extended Series C round from Chinese venture capital firm Legend Capital, existing investor Omidyar Network and others.
Before that, in February, the firm scooped $24 million led by GGV Capital. Previously, it raised $42 million in August 2019 led by US-based investment firm Tiger Global and WestBridge Capital. The firm also counts Accel and TAL Education among investors.
