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Indian EdTech Unicorn Byju’s Lands $540M to Expand Globally
- Indian Edtech firm Byju’s has raised $540 million in funding round led by South Africa’s Naspers Ventures and the CPP Investment Board, the Canada Pension Plan Investment Board.
- With this investment, it is aiming to become the world’s most valuable education technology business.
by StartupWorld Staff       Â
Before one year ago, Byju’s revenue expanded to $208 million from $73.2 million. Earlier this year, the Bangalore headquartered startup valued to $5.75 billion in its preceding financing round. By March 31, 2020, it is going to double its income to $422 million. With this new investment, Byju’s will come in the ranking top valuable startups in India like Paytm, Oyo, and Ola.
Founded in 2011 by Byju Raveendran, Byju’s has become quite popular among students in India. It mainly focuses on maths and science subjects and around 35 million students in India are using the app. It has app felicitating Indian regional languages, and it is also aiming to launch its new version app for English speaking students in other countries in 2019.
Byju’s had reported a net loss of $4 million on revenue in the last fiscal year. However, this financial year is very profitable for the company including taxes and all other expenses in its net profit.
Byju’s simplifies the process of learning complex subjects to students through its app. The tutors explain tough theories and calculations through day-to-day experiences. Currently, it has 2.8 million paying subscribers and 40 million registered students globally. The app helps students who are pursuing undergraduate and graduate courses. Besides, it is gaining more popularity in small towns in India.
Chief operating officer of Byju’s Mrinal Mohit said that the startup is going to analyze more new products along with ‘Online Tutoring’ to expand its growth and get more profits in the coming year.
As part of the global expansion, the startup is planning to enter some of the countries such as the US, UK, Australia, and New Zealand. This year, it acquired Osmo, a Palo-Alto based education startup for $120 million. Osmo is popular among 5 to 12 age group children in the US.
Source: https://www.startupworld.com/news/byjus-land-540m-dollars-expand/
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