Mumbai, Sept. 27 -- Online tutoring firm Vedantu has raised $11 million from existing investors, including ABC World Asia, Accel India and Omidyar Network India, in a convertible equity round, the company said on Friday. The fresh capital, part of a larger ongoing fundraise, will be deployed towards category expansion, both organic and inorganic, alongside investments in technology, AI and adaptive content to improve personalization and learning outcomes, Vedantu said. Mint was the first to report in June that Vedantu was in talks to raise $10-15 million from its existing investors through a convertible round as it sought to strengthen its balance sheet and prepare for a potential public listing. The funding comes at a time when fresh investments in edtech have slowed, with many companies struggling to reconcile 2020-21 valuation benchmarks with current market conditions. Convertible equity allows investors to defer valuation until a priced round or initial public offering (IPO), a structure that has gained traction as startups navigate mismatched valuation expectations following the pandemic-era funding boom. Vedantu also said in the statement that it is in advanced talks with external investors for additional capital as well as a secondary share sale aimed at providing exits to some early backers, including Chinese and legacy shareholders. Mint also reported in July that Vedantu, among other startups like Udaan, and Pocket FM is looking to offer exits to their Chinese backers as the industry's appeal to ease restrictions on such investments has failed to secure a policy shift. Founded in 2011, Vedantu became a unicorn in September 2021 after raising $100 million in a Series E round led by ABC World Asia. It has also regularly tapped venture debt from lenders such as Stride Ventures, Innoven Capital and Alteria Capital....