EdTech startup Byju's raises $540 million to fuel its expansion plans
Byju's, education technology startup, has raised $540 million in a round led by South African tech conglomerate Naspers Ventures to fuel its expansion plans.
The new round of funding is expected to value Bengaluru-based Byju's at around $3.6 billion, up from $1billion earlier this year. This will make the startup one of the top-five most valued Internet companies in India and the world’s most valued education technology firm.
The funds raised will be used by the company to expand its operations in international markets and to make key investments in technology.
Byju Raveendran, Founder and Chief Executive of the venture, said, "While near-term profitability is important for us, as a company our main focus continues to be on long-term sustainable growth. The ed-tech industry is undergoing massive shifts; students today want to learn through engaging and interactive methods. We are pioneering 'better learning for tomorrow' with technology as an enabler, and have been working towards making students active learners."
Russell Dreisenstock, head of international investments, Naspers Ventures, stated, "With the largest school-age population in the world and a growing middle-class with the willingness to commit significant resources towards quality education for their children, Byju's is perfectly positioned to provide an effective supplemental education solution for students across India. We partnered with Byju’s because we believe the company’s success in India will translate across borders in any country where students are looking for an innovative and engaging form of education beyond the classroom."