India | 23rd June 2020: Vedantu, a pioneer in LIVE online learning in India has announced its investment in Instasolv, a doubt-solving app for students from Class 6 to 12 for science, mathematics, IITJEE, and NEET. Vedantu has invested USD 2 Million as part of a pre-series A funding in Instasolv, with full rights to acquisition. This is Vedantu’s first investment in an EdTech company and will strengthen its focus in the doubt-solving space, where doubts are solved by quality teachers in a chat format. Instasolv is a leading player in the doubt-solving category and helps students to resolve doubts instantly. This marks Vedantu’s growing focus into Tier 3 & Tier 4 towns where the access to quality teachers is a growing challenge and doubt solving is a key imperative for students. The Instasolv team that also runs askIITians – a highly successful EdTech platform, has in-depth expertise in the education & doubt solving.
Witnessing a major surge after it announced support to students with free access to its complete learning platform during the Covid-19 lockdown, the number of students on the Vedantu platform has increased manifold. Vedantu has solved over 1 Million doubts for its students. The learning and teaching methods are changing drastically during the Covid-19 period and Vedantu has seen a massive increase during this outbreak as students continue learning from the safe confines of their homes. Over this period, the number of subscribers on Vedantu’s platform has grown exponentially to 1.1 Million with collections and revenue which grew by 80%.
Vamsi Krishna, CEO, and Co-Founder, Vedantu said, “With this definitive shift in consumer behavior from offline to online, Vedantu will continue to explore opportunities to scale impact, strengthen platform features and expand into new categories. Our investment in Instasolv is a strategic step to strengthen our play in doubt-solving, which is one of the key aspects of learning online. We are excited to partner Instasolv and leverage the category as more students join this new learning wave in Tier 3 and Tier 4 markets.”
Instasolv, which receives 3 Million questions on its app monthly, can solve doubts instantly for free. A student clicks a photo of a question, it uses OCR technology to extract text which further uses AI algorithms to match with a question database to provide an answer in a few seconds to the student.
Aditya Singhal, CEO Co-Founder, Instasolv said, “Owing to the pandemic, an increasing number of students are learning from home, which has led to a spurt in the number of queries on our platform. This ascertains that instant doubt solving, and LIVE, online learning go hand in hand. Through Vedantu’s investment in Instasolv, we plan to expand our offering and enrich features so that students can access learning on the app itself. We believe that providing access to great teachers and vernacular content (keeping in mind state syllabi) at a price accessible to Tier 3 & Tier 4 town will help drive access to students.”