The Bangalore-based Indian education startup Byju’s is now being backed by US-based equity firm General Atlantic which already has shares in the startup.
Byju’s helps students learn concepts of math and science with the help of short videos in its mobile app. The edtech company hasn’t revealed the exact amount given by the General Atlantic but according to TechCrunch, the US firm pooled in more than $200 million.
Earlier this month, another US-based investment firm had invested $200M in the nine-year-old startup. As of now, Byju’s valuation has jumped from $5.7 billion in 2019 to $8 billion in 2020. This has helped the edtech startup become the third most valuable private firm in India after Paytm and Oyo.
Byju Raveendran, CEO and founder stated that these new investments point out “an ever-increasing acceptance of our learning programs in small towns across the country.” The rapid growth of the startup can be attributed to the dropping cost of Android mobiles and affordable data prices in the country.
The app had used creative ways to explain science and math concepts and it has amassed over 42 million registered users in which 3 million are paid users. The company offers several courses aimed at students from Grade 6 to 12 and also assists undergraduates in cracking competitive exams.
Byju’s has received about $1.45 billion - counting investments from giants like Tencent, and Naspers. Even Chan-Zuckerberg's initiative was an early investor.
Tata Motors raises funding from TPG to invest in EVs
Indian stock market surpasses France, could overtake UK too
In a big relief to the Indian Telecom sector, government approves major reforms
Chinese self-driving firm DeepRoute.ai raises $300 million in funding from Alibaba and others
Indian Startup Dukaan raises $11 million to enable merchants set-up online stores
© 2021 CIO Bulletin. All rights reserved.