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BYJU’s, a Bengaluru-based unicorn edtech portal has raised $150 million led by Qatar’s sovereign wealth fund, QIA.
Other investors, including Owl Ventures, also invested in the startup. The funds raised will be used for international expansion and altering BYJU’s products for users worldwide.
Byju Raveendran, founder of BYJU’s in a statement,
“This partnership will support and strengthen our vision of creating and delivering personalised learning experiences to students. This will help us explore and leverage our expertise in creating immersive tech-enabled learning programs for students in smaller cities, regions and newer markets.”
The investment of million dollars to the Indian startup is the second significant investment by QIA and earlier funded $150 million in Flipkart.
Mansoor Al-Mahmoud, QIA CEO during the funding said,
“This investment underscores QIA’s strong commitment to the education sector and our focus on investing in leading innovators in the TMT industry globally.”
BYJU’s is founded by Byju Raveendran and Divya Gokulnath in 2008. It is an online educational service offering students of IV-XII standards some competitive preparation course programmes like NEET, CAT, GRE, GMAT, IAS, and more.
Recently, the edtech platform has launched Early learn for kids aged 1-3, which is a new gamified learning product in collaboration with Disney.
In March, BYJU’s has raised over $969.8 million and valued at $5 billion. The company has over 35 million registered users. Interestingly, its revenue has tripled to INR 1,430 crore in FY18-19. Tencent, Naspers, General Atlantic, and CPPIB are some of the few investors to the startup.
BYJU’s average renewal rate is about 85%, and as per Mary Meeker’s Internet Trends 2019 basis, it has crossed over 1.5 million in March 2019.
Now, BYJU’s total fundings are $969.8 Million. It has acquired 4 startups viz., Osmo, Math Adventures, Vidyartha, and TutorVista.com.