Temasek-backed ABC World Asia leads US$100m round in Indian online tutoring company

IMPACT investor ABC World Asia, backed by Temasek and a number of blue-chip names, is leading a US$100 million Series E funding round into online tutoring company Vedantu. The transaction is expected to close in the next few weeks, ABC World Asia said.

Vedantu started live online classes in India in 2014. Since then, it has developed a proprietary live-teaching platform and snagged patents in the US.

The company offers individual and group classes across K-12 and test preparation segments. Students and parents can access free content, masterclasses across subjects, micro-courses and daily assessments through a website or mobile app.

Sugandhi Matta, chief impact officer of ABC World Asia, said Vedantu embodies the fund's investment theme of better access to quality education.

"Using innovative technology to deliver real-time educational content to students around the country in a wide-ranging and engaging manner, Vedantu is contributing to better educational outcomes that can lead to improved lives and livelihoods," she said.

Other investors in ABC World Asia's inaugural S$405 million fund include Temasek Trust, Pavilion Capital, Mapletree Investments, Seatown Holdings, Sembcorp Industries and Singapore Power.

The Vedantu deal is ABC World Asia's second investment in India this year. In January, the Singapore-based fund invested in Cropin, an agritech organisation working on solutions in sustainable food and agriculture.

Its portfolio now includes companies in Singapore, China, Vietnam, India, and Australia. The fund's investment themes include financial and digital inclusion, better health and education, climate and water solutions, sustainable food and agriculture, and smart and liveable cities.

READ MORE: Temasek's ABC World Asia invested S$98m across five companies in 2020