Bangalore based Edtech startup Byjus operated by Think and Learn Pvt. Ltd., recently said it has raised an undisclosed amount of funding from General Atlantic, an existing investor in the company.
Founded in 2008 by Divya Gokulnath and Byju Raveendran, Byju’s offers a learning app, which was launched in 2015 and has learning programmes for students in classes IV-XII, along with courses to help students prepare for competitive exams like JEE, NEET, CAT, IAS, GRE, and GMAT.
Further, Byju’s has also tied up with Disney to launch its edtech services for kids in classes 1st to 3rd. BYJU’S Early Learn app for young children aged between six to eight years old with Disney’s stories and characters from Disney Princess, Frozen, Cars, Toy Story franchises and more. The company said it has 42 Mn registered users and 3 Mn paid subscribers. Students are spending 71 minutes on the app daily and the annual renewal rates are 85%.
While BYJU’S did not disclose the amount of investment, sources said General Atlantic has pumped in $200 million (about Rs 1,420 crore) into the company. The round comes within a month of Tiger Global investment, which poured in about $200 million in Byju’s at a valuation of $8 billion, making it the third-most valued Indian unicorn, at present. This round takes the valuation of the startup at about $8.2 billion. This is a massive jump in valuation for the edtech firm after its last year July round.
Since its launch in 2011, Byju’s has raised around $995 million from Naspers Ltd, Tencent Holdings Ltd, Verlinvest Group SA, Chan Zuckerberg Initiative, Sequoia Capital India, Lightspeed India Partners, and Aarin Capital etc. In July 2019, Qatar Investment Authority had poured in $150 million at a valuation of about $5.5-$5.7 billion.
BYJU’S has raised the latest round at a valuation of nearly $8.2 billion. Also earlier in 2018, General Atlantic had poured in about Rs 410 crore in Byju’s. It held around 4.83% CCPS and 3.14% equity shares in the company. The fresh fund will also help Byju’s expand its footprint and achieve scale globally as it has been exploring foreign markets for the past couple of years.
Byju’s has tripled its revenue from Rs 520 crore to Rs 1,480 crore in 2018-19 and turned profitable on a full-year basis,the edtech firm also curbed its losses by 76% to Rs 8.8 from Rs 37 crore in FY19. The company said it is on track to double revenues to Rs 3,000 crore in the current financial year.
In January 2019, Byju’s also forayed into the US with the acquisition of Osmo, a US-based learning platform. Over the last year, the company’s fundraising has focused on international expansion. The expansion to the Middle East, the US, the UK, South Africa, and other African and Commonwealth markets have been on the list.
Currently, it is working on launching programmes in vernacular languages, and will also launch ‘BYJU’S Online Tutoring Program’ in the coming months.