With latest fundraise, Byju's becomes India’s most valuable start-up after OYO, Paytm
Byju's has raised $200 million in the latest round of funding from Tiger Global Management. Prior to the current funding round, Byju’s had secured about $971 million.
With this latest fundraise, Byju’s becomes India’s most valuable startup after Ant Financial-backed fintech firm Paytm and the budget hotel rooms startup OYO.
Byju Raveendran, Founder and CEO, Byju's, said, “We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long-term vision of creating an impact by changing the way students learn. This partnership is both a validation of the impact created by us so far and a vote of confidence for our long-term vision.”
Founded by Byju Raveendran in 2011, the app caters to students from kindergarten through 12th grade.
Launching learning modules in Indian languages
Presently, Byju's is working on bringing programmes in vernacular languages for making it accessible in the remote parts of India.
In addition to this, the edtech unicorn will introduce Byju’s Online Tutoring in the coming months too.
“While these are early days on how technology can enable better learning, there is tremendous potential in this segment to create a highly scalable and sustainable model that can equip and prepare the current generation for tomorrow. Learning is a space where sustainable long-term growth translates to a larger good. This space is therefore ripe for innovation to transform the future,” Byju further added.
The company is further planning to go global and launch in English-speaking countries around the world, including the US, Canada and the UK.
Currently, Byju's has more than 42 million registered users and three million paid subscribers from both rural and urban areas in India. On average, the number of minutes a student spends on the app has increased from 64 minutes to 71 minutes per day over the last year, with annual renewal rates as high as 85%.
Scott Shleifer, Partner, Tiger Global, stated, “Byju's has emerged as the leader in the Indian education-tech sector. It is pioneering technology shaping the future of learning for millions of school students in India. We are excited to support Byju and the team.”
The company has also tripled its revenue from Rs 520 crore to Rs 1,480 crore in FY19 and turned profitable on a full-year basis.
Byju's is now on track to double its revenues to Rs 3,000 crore in the current financial year.