Byju's acquiring Vedantu is false news, says online tutoring platform's CEO Vamsi Krishna

Vamsi Krishna, CEO and co-founder of Vedantu confirmed that firm is not for sale. information website, Entrackr, reported murmurs within business industry that virtual tutoring startup was about to sell ownership to biggest edutech player in India, Byju’s offer was reported to be above $800 million. However, reports were not true and that Krishna’s company plans to declare a fundraiser in September.

rumours were that Byju’s did attain out to an anonymous bid to price out Vedantu’s final year and that company was planning to raise anor $100 million at a valuation of $1 billion. Krishna said that y haven’t been approached by Byju’s for an acquisition. Even if y did, Krishna me it clear that y did not start Vedantu to let go of ownership. Rumours came in as a shock to firm as y h been presented with offers before and y rejected some without even taking m to board. But as of now, no one approached m from Byju’s. He said in an interview with Newschant, “We (Vedantu founders) have been within schooling tre for 15 years. If exit outcomes h been so necessary to us, we wouldn’t have constructed Vedantu, or been in edtech.”

Vedantu’s valuation is rising three times every year and y feel that y do not require ditional funds and y are amant on growing at a sustainable rate. refore, rumours were just someone’s creativity and not actual fact. company has or plans and are planning to announce a fundraiser next month. With new acquisition of funds, Vedantu plans to invest more in Okay-12 and increase depth of ir section. company remains open to accept investors but will be doing that on its terms and with an intention to expand its operations.

What is Vedantu?

Vedantu is a Banglore based company that offers online tutoring. platform was launched in 2014 and its name is derived from Sanskrit words Veda (knowledge) and Tantu (network).   company is managed by four friends from IIT, Vamsi Krishna, Pulkit Jain, Saurabh Saxena and Anand Prakash. Vedantu was ir second shot at edtech after Lakshya, which helped students to prepare for competitive exams.