"It also demonstrates the rising global interest in education technology as digital learning becomes increasingly accepted and embraced", said Byju's founder Byju Raveendran. "The result will be a combination of the best of both online and offline educational offerings".
As another round of fund raising, the education technology start-up Byju's has garnered investment from BOND, Mary Meeker-led tech investment entity.
"Endorsed by millions of students, BYJU'S has emerged as a clear leader in education technology". Talks are understood to be at an advanced stage, sources had said, indicating that the company is seeking to rake in a total of about $500-600 million in fresh financing to expand its operations. In March and April alone, the company has added 13.5 million consumers to its platform.
The fundraise comes right on the heels of a report that suggested a $10Bn valuation for this new raise.
While announcing the latest funding round, Byju's revealed that it has over 5.7 crore registered students on its platform, with more than 35 lakh paid subscribers and annual return rates as high as 85 percent. He said that this was backed by increased user base, paid subscriptions, increased daily active users (DAU) and monthly active users (MAU) innovative technologies. "Also, the economics of the segment are favourable once there is scale, and the need to educate and skill oneself is not restricted to students alone but also young professionals", said Pahwa. The private equity firm had earlier pumped in around 4.1 billion rupees ($54.2 million) for a 3.85% stake in the company in 2018, according to data sourced by Paper.vc. Byju's has now joined the league of 24 decacorns such as TikTok-owner Bytedance, Elon Musk's SpaceX and Chinese ride-hailing giant Didi Chuxing.
Mary Meeker's tech investment firm BOND has invested in edtech company Byju's, marking its first investment in India, the Indian startup said today.
Past year the company acquired Osmo, a Palo Alto-based maker of educational games, for $120 million that helped it to propel its global launch efforts.
Founded in 2008 by Divya Gokulnath and Byju Raveendran, BYJU'S offers a learning app, which was launched in 2015 and has learning programs for students in classes IV-XII along with courses to help students prepare for competitive exams like JEE, NEET, CAT, IAS, GRE, and GMAT.
Last year, Byju's acquired US -based Osmo, a startup that develops apps for kids that uses offline input, in a deal worth $120 million.