Byju’s Gets $300 Million Funding From Tiger Global, Others At $8 Billion Valuation
Edtech startup Byju’s, operated by Think and Learn Pvt. Ltd., on Thursday raised $300 million in fresh funding, taking the unicorn’s valuation to $8 billion.
The Tiger Global-led funding amounted to $300 million, according to Bloomberg, with $200 million of that pumped in by the New York-based private equity firm alone, PTI sources said. Identity of other investors was not disclosed.
"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," Byju Raveendran, founder and chief executive officer at Byju’s, said in a statement.
According to the statement, Byju’s launched a product for young learners (Grades 1-3) in 2019. It is also working on launching programmes in vernacular languages. The online edtech startup will be launching online tutoring in the coming months, it added.
"Byju’s has emerged as the leader in the Indian edtech sector. They are pioneering technology shaping the future of learning for millions of school students in India. We are excited to support Byju and the team," Tiger Global Partner Scott Shleifer said.
In the past 12 months, Byju’s has witnessed strong growth with over 42 million registered users and 3 million paid subscribers in India.
The average number of minutes a student spends on the Byju’s app has increased from 64 minutes to 71 minutes per day over the last year, the statement said, while the annual renewal rates are as high as 85 percent.
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 company said it is on track to double revenues to Rs 3,000 crore in the current financial year.