Byju’s, an edtech company, raised $800 million, or roughly Rs 6,000 crore, in its most recent round of funding, with founder and CEO Byju Raveendran investing half of it.
Those with knowledge of the issue claim that Sumeru Ventures, Vitruvian Partners, and BlackRock all contributed to this round, increasing the valuation of the Bengaluru-based company from $18 billion to over $22 billion.
Raveendran made a $400 million personal investment in the company, increasing his ownership from 22% to around 25%, according to sources. The most valuable edtech company in the world, Byju’s, is concentrating on growing its clientele internationally and considering other acquisitions.
Churchill Capital and the corporation are in discussions about raising $4 billion so that they can go public through special-purpose acquisition companies (SPACs). If the transaction is successful, its valuation may more than double to around $48 billion, according to sources.
About Byju’s
Byju Raveendran, an engineer, and teacher established BYJU’S in 2011 as Think and Learn Pvt. Ltd. The company, which has offices in Palo Alto, California, and Bangalore, India, quickly expanded to become one of the largest ed-tech firms in the world and one of India’s top 5 most valuable private internet companies. It currently has 6.5 million annual paying clients. On average, students use the platform’s educational content for 71 minutes per day to learn.
The Disney. BYJU’S Early Learn App was introduced in India in 2019 to provide young learners with interactive, individualized lessons.
The BYJU’S Learning App and BYJU’S Magic Workbooks with Disney were most recently released by BYJU’S in North America for grades Pre-K to 3. The curriculum is created by the content and research team of BYJU, which today employs more than 2,500 highly qualified educators and learning science specialists globally.
According to Raveendran, “They continue to observe an accelerated expansion in India and global markets through both organic and inorganic approaches.”
Their ongoing focus is on realizing their Long-term objectives related to providing lifelong value for Their students. To achieve this, they are rethinking and reimagining how future students will learn, unlearn, and relearn. They aim to produce something that will be timeless.
In October of the prior year, Byju’s raised around $300 million of further investment from funders such as Oxshott Venture Fund and Edelweiss Private Investments Trust.
Byju’s was valued at $18 billion following the fundraising, up from a valuation of $16.5 billion in June of last year.
Byju’s surpassed Paytm’s $16 billion valuation in June 2021 to become India’s most valuable unicorn, which subsequently underwent an IPO.
Raveendran emphasized the significance of India in the global edtech ecosystem and stated that he had always thought that by resolving the trilemma of cost, quality, and scale, India had the ability to produce world champions in edtech. He declared, “They will keep investing in a variety of learning modalities to give pupils a top-notch education wherever.
Byju claims that its platform has over 150 million users, an annual renewal rate of 86%, and an NPS of 76. It also claimed to be constantly developing and offering a variety of learning programs in different formats across age groups and regions.
The sources claim that Byju intends to go public this year in the US. India, though, is also a viable choice. It might list first in the US and second in India, or the other way around. Its two largest and most important markets are the US and India. The corporation anticipates $3 billion in sales for the upcoming year, according to persons with knowledge of the circumstances.
About $1.5 billion in revenues had already been reached. With an objective to reach revenues of $1 billion in the following three years, the listing would aid the company’s strategy to become one of the biggest companies in the area in the US.
Since its founding ten years ago by Raveendran, a former teacher and the son of educators from the Keralan hamlet of Azhikode, and his wife Divya Gokulnath, the edtech giant has raised roughly $4.5 billion.
Over 115 million students are currently registered on its app, which also has 7.5 million annual paid memberships. It faces opposition from Simplilearn, Unacademy, upGrad, Vedantu, and Eruditus, among others.
The pandemic has hastened the uptake of online schooling, and the start-up is currently on an acquisition binge both in India and beyond. In the past year, it bought nine businesses in India and the US, spending more than $2 billion on these purchases, according to sources.
Faq’s
Edtech
$800M
Rs 6000 Crores
Raveendran
$400M
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