BYJU’S, Indian ed-tech company on Thursday said that it has raised a new round of funding from Tiger Global Management.
Talking about the investment, Byju Raveendran, Founder & CEO said, “We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long term vision of creating an impact by changing the way students learn. This partnership is both a validation of the impact created by us so far and a vote of confidence for our long term vision.”
In 2019, BYJU’S launched a product for young learners (Grades 1-3), which completed their learning offerings from grades 1 - 12. The company is also working on launching programs in vernacular languages to make it accessible in the deeper parts of India. Additionally, BYJU’S will be launching BYJU’S Online Tutoring in the coming months too.
“While these are early days on how technology can enable better learning, there is tremendous potential in this segment to create a highly scalable and sustainable model that can equip and prepare the current generation for the unseen jobs of tomorrow. Learning is a space where sustainable long-term growth translates to a larger good. This space is therefore ripe for innovation to transform the future.”, Byju further added
“BYJU’S has emerged as the leader in the Indian education-tech sector. They are pioneering technology shaping the future of learning for millions of school students in India. We are excited to support Byju and the team.” Scott Shleifer, Partner, Tiger Global
In the past 12 months, BYJU’S has witnessed tremendous growth with over 42 million registered users and 3 million paid subscribers from both rural and urban areas in India. The average number of minutes a student spends on the app has increased from 64 minutes to 71 minutes per day over the last year too and the annual renewal rates are as high as 85%.
BYJU’S also tripled its revenue from Rs 520 crore to Rs 1480 crore in FY 18-19 and turned profitable on a full-year basis. The company is on track to double revenues to Rs 3000 crore in the current financial year. Today, BYJU’S has become synonymous with personalised learning for school students in India through its tech-enabled learning programs. It has also become a good example of an Indian product company with a business model that combines fast growth at scale with profitability.
Over the years, the company has introduced learning products that have shifted the way digital learning is viewed. BYJU’S was started with a passion to help children learn better. The team is now working towards transforming the way students learn globally with tech-enabled and personalised learning programs. Along with pioneering quality learning to students across regions, it has also added a whole new dimension to the way learning and teaching is done.