Vedantu has invested $2 million in Instasolv, a doubt clearing app for students from Class 6 to 12, as the live online tutoring platform looks to grow its presence in Tier 3 and Tier 4 cities.
The investment is part of Instasolv’s Series A funding and will give Vedantu full rights to acquire the startup.
The deal will also strengthen Vedantu’s presence in the doubt-solving segment, the company said in a statement.
“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,” said Vamsi Krishna, co-founder and CEO of Vedantu.
Instasolv helps students clear their doubts instantly in subjects such as science, mathematics for entrance exams such as IIT-JEE and NEET. Over the past two months under a nationwide lockdown, Vedantu claims it has solved over 1 million doubts of students, making it a core requirement as learning evolves during the Covid-19 pandemic.
The company said Instasolv runs a successful ed-tech platform, askIITians, that has expertise in the doubt solving segment of online learning. The platform solves 3 million doubts every month on its platform and utilises OCR technology to extract text from photos and uses AI to match questions with answers from its database and provide them to students within seconds.
“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. 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,” said Aditya Singhal, co-founder and CEO of Instasolv.
Vedantu said it had witnessed increased signups on its platform during the course of the past few months, with the total number of subscribers rising to 1.1 million, with revenues growing by 80% during the period.