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Vedantu Receives Series C Funding of USD 24 Million from GGV Capital

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Vedantu has raised USD 24 Million as part of their Series C extension round. The funding was led by global venture capital firm, GGV Capital with participation from existing investors. This was in addition to the USD 42 Million raised in August 2019, making this a total of USD 66 Million round. Vedantu’s total fund raise till date stands at USD 85 Million.

A category-creator and leader in the K12 LIVE tutoring category with millions of learners across 1000+ cities and 40+ countries, Vedantu will utilize the funds to invest in brand leadership & expand into new categories like early childhood to lower grades (kindergarten to standard 5), adding new experiences and dimensions for young learners from metros to small-town India to grasp concepts in a fun and engaging manner. With over 1 million lifetime learners engaged on its online learning platform, Vedantu will explore opportunities to scale impact as it achieves 4x growth this year.

Vedantu’s platform sees 25 million users accessing free content every month. 500+ teachers provide LIVE classes to 6 million learners per month.  Through its highly intuitive next generation platform, W.A.V.E that measures learning outcomes over 70+ parameters. On a steadfast mission to leverage online learning in new and exciting ways, the funding will help Vedantu, a technology company at the core to stay ahead of the curve and maintain its leadership.

Vamsi Krishna, CEO and Co-Founder, Vedantu said, “Impact at Scale is our singular driver. With a core focus on Learning Experience and Outcomes, the impact that we have had on our learners drives us in our next phase of exponential growth. As we continue to grow our student enrolments by 4.5x year on year, we are gearing to invest in brand and entering very strongly in new categories of age group 4-10 years beyond current customer segments. We are excited to have GGV Capital back us, as a unique VC firm that has backed some of the world’s most successful companies, this is a huge validation for Vedantu. We want to further our mission to make this new format of LIVE Interactive classes the answer to the current engagement gaps in Online education and are very excited about the future.”

Hans Tung, Managing Partner at GGV Capital said, “With GGV’s track record in the EdTech space launched by my colleague Jenny Lee in 2013, we look for teams that deliver technology-enhanced education that fits the local needs. We think Vedantu has hit an inflection point with its WAVE product through which teachers with a track record of delivering superior results can offer personalized education to many students at once. We are excited to partner with Vamsi and the Vedantu team and share GGV’s global expertise and network to help them scale and shape learning outcomes for millions of students in India and beyond.” Hans is also joining Vedantu’s board.

Vedantu’s Series C Funding of USD 42 Million round was previously led by Tiger Global and WestBridge Capital in which Accel, Omidyar India, TAL Education, Prince Maximilian of Liechtenstein & CEO, LGT Group also participated. 

Vedantu’ s USP is its quality of highly trained teachers and a technology-driven comprehensive academic system which ensures predictable learning outcome for all students. Vedantu’s strategy is to focus majorly on the service quality of the course and enable superior learning outcomes. Further, Vedantu provides measurability in learning process and predictability in learning outcomes. This is possible owing to Vedantu’s comprehensive data capture of student’s interaction and Live engagement in class and through online testing and assessment, provides tremendous capability to draw insights about every student’s learning progress. These insights generated by Vedantu’s AI technology then enable Academic Mentors to do corrective interventions to each child to ensure predictable learning outcome improvement for all learners.

The RainMaker Group acted as the exclusive financial advisor to Vedantu on their fund raise.

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Fyool App Launches New User Interface

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FYOOL, a unique cashback app that hit the android market last year, offering up to 50% cashback on petrol, diesel, CNG, LPG, restaurant along with all types of wine and beer now once again makes a buzz. It now boasts of a new user interface in which school fee, groceries, travel, hospital, pharmacy, saloon, apparel, online bill payments and a lot more has been included in 50% cashback offerings.

Looking at the growing user base the App is all set to kick off with its dedicated ‘Rupay card’ which will be used for all the shopping and cashback. The card can be easily booked by a request made through the application itself. The card will work like a prepaid debit card and valid for all online shopping and swipe machines. It will give added comfort to the users as they no longer have to upload bills in the new version. All the transaction and shopping will be made through the card.

The card needs to be recharged like any prepaid card. Users can recharge cards from the application. The app will be setting limitations on the monthly cash back and the Cashback can be redeemed by claiming any product from the app without paying any cash by the user.Fyool Rupay prepaid Card was recently launched by TV Celebrities Delanz Irani & Pankit Thakkar.

Commenting on the new development, Raunak Sharma, Founder FYOOL said, “We have upgraded to the new version as we are getting a very good user response and felt that the time is apt to move to the next level of offering. Our intention is in sync with our core philosophy of reducing the financial stress of the common man that this difficult time has pressed upon us. We want to ease the financial drain on the middle-class people who have been severely hit by the pandemic situation hence we have now added the grocery category too. We all know in the current scenario; the lower income group continue to feel thepinch while buying daily household items. We want the housewives also to benefit by using the cashback for grocery items.

So, keep yourself-updated with the new trend of saving money by downloading FYOOL app from play store or app store. Register yourself with name, mobile no. and email id and book FYOOL prepaid card today!

Once you receive the card, set your card pin from the FYOOL app. Load money in your card by selecting top-up in FYOOL app. Use your card anywhere offline or online like petrol, diesel, CNG, LPG, groceries, medical bills, school fees, online bill payments etc. Get 50% cashback on every transaction. And you can redeem your cashback by claiming the products like air conditioners, air purifiers, home theatres, and laptops, LED TV, mobile phones, refrigerators, scooty,
bikes and many more from the shopping cart of FYOOL app. It’s that simple!

FYOOL was created with the intention to uplift the lives of overburdened customers with the price hike owing to the unexpected pandemic and lockdown in 2020. The FYOOL cashback app is one of its kind in the market and instrumental in creating an additional income for the lower-income groups and housewives.  

This creative venture is the brainchild of Mr. Raunak Sharma and the app is completely ‘make in India’, thus promoting the Atmanirbhar Bharat scheme started by the Government of India.

Fyool App, Fyool App Interface, User Interface, Cashback, IT News, Technology News, Telecom Today

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Tech Startup Xencov Software Venturing to Advanced Technologies- AI, ML & IoT

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Xencov Software announced that it is venturing to new-age technologies such as Artificial Intelligence, Machine Learning & IoT. This initiative is a result of several enterprises taking steps in incorporating new-age technologies in business operations as a result of Covid-19 pandemic. This helps enterprises to save money, boost efficiency, generate insights, and create new markets. With a focus on product development based on Artificial Intelligence, Machine Learning, IoT & intuitive Design, Xencov Software aims to scale up the business to 2x.

Today, it is imperative for enterprises to tap opportunities in data analytics, Artificial Intelligence (AI), Machine learning, IoT, etc. to remain relevant & stay ahead.

The sector has a more prominent role in the future with the increased dependency on these technologies & will have a greater impact on the businesses.

According to Suroor Wijdan, Founder of Xencov Software, “In the near future given the current pandemic situation, there will be an increased dependency on digital tools.  Moreover, technology companies and start-ups have realized the need for AI, Machine Learning & other new technologies in solving the business needs. “

He further added that with changing trends, Xencov started working on these technologies which is a growth opportunity for us.

According to a report, the global artificial intelligence (AI) market size will grow by US$ 75.54 billion during 2019-2023. McKinsey predicts that AI will boost productivity way more than the steam engine was able to in the 1800s. AI’s impact on the global economy is that it will have generated US$13 trillion in economic activity across the world by 2030, says McKinsey. It also expects that AI will add about 1.2 per cent of additional GDP growth per year through to 2030.

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Retail Startup Perpule Announces the Expansion of Its Footprints in Southeast Asian Market

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Following the massive rise in demand of ecommerce enablement solutions globally, Perpule expanding its footprint to the Southeast Asian market with its ecommerce enablement product Perpule E-Commerce+. Through this expansion, the company is targeting modern retailers – spanning across categories like fashion, grocery, electronics, food & others – operating in Indonesia, Malaysia, Vietnam, Thailand, Singapore & Philippines.

The retail market in Southeast Asia is over $700 billion but is yet to adopt modern technologies and become heavy on ecommerce. COVID-19 has further exacerbated the situation by disrupting the businesses of several offline retailers who are now facing a slowdown in sales and operations. Perpule E-Commerce+ strives to address these challenges by driving ecommerce readiness and thereby helping the retailer community restart their operations afresh in the post-COVID world. The company aims to secure around 20% of the ecommerce market share and help offline retailers switch to an online model in minimum time.

Perpule Ecommerce+ is truly built with a next gen approach to facilitate ecommerce smoothly from offline stores and has all the necessary integration with leading payment gateways, logistics players, ERP, POS, Loyalty etc. to make ecommerce enablement much easier for retailers. Perpule’s homegrown Progressive Web Apps (PWA) technology is a game-changer in ecommerce for retailers. It offers users a superior browsing experience even on poor internet connections and works completely offline thereby improving conversion rates by over 40%.

Commenting on the expansion, Abhinav Pathak, CEO & Cofounder, Perpule said, “While the entire world stands disrupted by the unprecedented impact of COVID-19, the retailer community has been impacted the most. At Perpule, we aim to equip retailers with an advanced, new-age online platform and provide them with a major fillip to effectively and profitably run their businesses, even during a crisis like this. We are delighted to foray into the Southeast Asian market and will endeavor to serve customers in the best possible manner through our tech-driven platform.”

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