Mark Zuckerberg-backed Byju’s raises $540 Mn in fresh funding led by South Africa’s Naspers,Canada Pension Plan Investment Board (CPPIB) also contributed a significant portion of the funding round.
Bengaluru, 17 Dec, 2018. RedNewswire/-
The new investment is said to have valued the company at $3.6 billion making it one of India’s five most valuable internet companies in India.
Byju’s is a Bangalore-based Educational technology and online tutoring firm founded in 2011 by Byju Raveendran. It will use the fresh capital to build new products and also aggressively expand in international markets.
Byju’s is a creator of K-12 learning app which offers adaptive, engaging and effective learning programmes for students in classes 4-12 (K-12) and competitive exams like JEE, NEET, CAT, IAS, GRE and GMAT.
Byju’s Founder and CEO Byju Raveendran said in a statement,“India has the largest school-age population in the world and Indian households are willing to invest a lot in their children’s education because a good education is the best path to success. I believe the importance of quality education amongst the entire population in India fuelled our ability to create an engaging and high-impact learning app.”
“While near-term profitability is important for us, as a company our main focus continues to be on long-term sustainable growth. The edtech 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. It is only through active learning that we can prepare our youth for the jobs of tomorrow,” he added.
“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,” said Russell Dreisenstock, Head of International Investments, Naspers Ventures who will also join the board of the company.
Till June this year, it had around 20 million registered students and 1.26 million annual paid subscribers. This has now increased to 30 million registered students and 2 million annual paid subscribers.
In July Byju’s raised an undisclosed investment from Chinese internet giant Tencent Holdings. Early that year, the edtech firm raised nearly $30 million funding from Verlinvest, a Belgian investment company and investor in Southeast Asian e-commerce company Lazada.
In 2016, it had raised $50 million from a clutch of investors, led by Chan Zuckerberg Initiative (CZI) and Sequoia Capital.
The current round adds to around $244 million that Byju’s has raised so far.