Popular learning app Byju’s is looking to bring out its international product in six to eight months that will focus on English-speaking countries like United States, United Kingdom and Australia, according to sources. The firm is raising $400 million from investors such as Canada Pension Plan Investment Board, Naspers, General Atlantic and some existing ones and the fundraising round is likely to conclude soon, said sources.
The fundraising puts the unicorn at $3.6-billion valuation, according to industry sources. Prior to this, the firm is believed to have raised $240 million.
An email sent to Byju’s did not elicit any reply till the time of going to press.
Byju’s has about two million paid subscribers and 30 million registered users. Almost 70-75% of its revenues come from outside metropolitan cities, with the firm looking to further deepen its penetration.
Byju’s had posted revenues of `520 crore in the financial year 2017-18 (FY18) and is expecting to triple it to about Rs 1,400 crore for FY19.
The company, run by Think and Learn, has two different apps that cater to students between the VI and XII grades as well as students in IV and V grades.
It is working on launching its K3 or pre-school product that will cater to students in first to III grades. According to a source, the K3 product is ready and may be launched soon. The company’s acquisition of Math Adventures earlier this year is considered to be a step towards strengthening its pre-school product.
Byju’s was founded in 2011 with a special focus on the K12 segment.
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By 2015, it had launched its app along with learning resources for grades between VI and XII. In 2016, the company became the first Asian firm to receive investment from the Chan-Zuckerberg initiative. Its K5 app or this app that focuses on V- and VI-grade students came out in 2017.