Vedantu Announces Buyback Of ESOPs Worth $3 Million
Vedantu, a pioneer in LIVE online learning, today announced ESOPS (employee stock ownership plan) liquidity program worth US $3 million for all eligible employees. The founders will not participate in the buyback, but the top leadership and eligible active employees who have completed the vesting period will be able to liquidate their vested ESOP shares.
Vamsi Krishna, CEO & CO-Founder, Vedantu says, "We have seen enormous growth over the last few years, and we take immense pride in the impact we are creating in the lives of our students. As Vedantu grows, we want our employees to grow with us as well as they are equal contributors towards this growth. By growing the technology, engineering and product teams across all functions, ESOPs provide employees with high ownership, while providing more opportunities for financial growth. We want to enable long-term wealth creation for our employees and recognise their contribution and commitment. This is the first ESOP program to facilitate value creation for Vedans and we will continue to take more such initiatives in the future.”
In September this year, Vedantu announced a US$100 million Series E round, led by Singapore-based impact investing fund ABC World Asia. The round also saw strong participation from existing investors – Coatue, Tiger Global, GGV Capital, Westbridge among others. With this round of funding, Vedantu’s valuation is at US$1 billion, and it underlines its status as the largest K-12 LIVE online tutoring company in India.
Vedantu offers tutoring courses for students aged 3 to 18 years old, as well as preparation for competitive exams like IIT-JEE, NEET, Commerce, CBSE, ICSE, and state exams like the Maharashtra board. Through its newest offering and fastest-growing vertical, SuperKids, it offers extracurricular classes like English Speaking, Reading, and Coding.
Vedantu is the leader in the field of K-12 LIVE tutoring. More than 35 million users access Vedantu every month through its app and website for free. There are 65 million views on its Youtube channel, the most of any educational company in India in the K-12 segment. Vedantu is also accessible via dedicated channels on Airtel TV and TATA Sky. Vedantu catered to over 200,000 paying students last year, a 400% growth over the previous year. This growth was accompanied by a 4.5x increase in revenue over the previous year, making it the fastest-growing online education company and the second-largest K-12 company in terms of revenue and students.
