Vedantu is India's newest unicorn after $100-mn funding from ABC World

Tutoring service Vedantu became India’s latest startup to reach a $1 billion valuation after raising funds from investors betting on the country’s rapidly growing online education market.

Singapore’s ABC World Asia led the $100 million Series E round, with existing investors such as Tiger Global Management, Coatue Management and GGV Capital also participating, Vedantu said in a statement Wednesday.

The Bangalore-based startup becomes the fifth Indian edtech unicorn after Byju’s, Unacademy, UpGrad and Eruditus, and the third to reach the milestone this year. Online education is among industries benefiting as global investors boost their bets on the country’s startup ecosystem.