Vedantu, the edtech unicorn, announces that it has purchased a majority stake in Karnataka-based test preparation platform Deeksha for $40 million in order to expand its offline presence.
Vedantu hopes to leverage its technology and integrate it into offline centres through this partnership in order to create a scalable hybrid model, particularly in Tier 3, 4 towns.
Vedanta mentioned that the partnership would help Deeksha’s operating model which collabs with schools and colleges.
Vedantu’s multi-million dollar investment at Deeksha comes at a time when the startup has been aggressively laying off employees as part of its business restructuring process.
In July, the Tiger Global-backed edtech startup laid off over 100 employees, across departments. It was preceded by a mass layoff of 650 employees in 2022.
However, like several of its peers, Vedantu too is now looking to strengthen its fundamentals by venturing in offline market, and the acquisition of Deeksha is another clear indication that compliments the same.
Categories: Other News, Startups & SMBs
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