Byju’s founder, Byju Raveendran, a former teacher and son of educators, who conceived the smartphone app in 2011 | Bloomberg
Text Size:

India’s online education startup Byju’s raised funding from BlackRock Inc., Sands Capital and Alkeon Capital, as the company expands to meet growing demand for its services.

The round totaled about $300 million and values Byju’s at about $11 billion, according to a person familiar with the matter. Existing backers Tiger Global, General Atlantic and Owl Ventures also invested, the company said, while private equity giant Silver Lake put money into the startup earlier this month.

Investors are increasing support for India’s edtech startups as the country’s pandemic challenge spreads and closes schools. Byju’s was founded by Byju Raveendran, a former teacher and son of educators, who conceived the smartphone app in 2011.

The company, whose investors also include Facebook founder Mark Zuckerberg’s Chan Zuckerberg Initiative, caters to students from kindergarten through 12th grade and has over 70 million registered users and over 4.5 million paid subscribers. It aims to simplify math and science concepts for students through games and videos.

With the coronavirus pandemic, parents, teachers and schools have been forced to adopt digital learning tools. Byju’s rivals are also gathering backers: online learning startup Vedantu raised $100 million from U.S.-based investor Coatue Management, while SoftBank Group Corp.’s Vision Fund is said to be leading a funding round that values Unacademy at $1.45 billion. –Bloomberg


Also read: Byju’s raises another $500 mn, is valued at $11 bn as money flows into online education


 

Subscribe to our channels on YouTube & Telegram

Why news media is in crisis & How you can fix it

India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.

But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.

ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.

Support Our Journalism

Share Your Views

LEAVE A REPLY

Please enter your comment!
Please enter your name here