Byju’s has raised $540 million in a funding round led by global entertainment group Naspers, it announced today in a statement.
Popular student learning app Byju’s latest funding round is learned to have valued it at a whopping $3.6 billion. Byju’s has raised $540 million in a funding round led by global entertainment group Naspers, it announced today in a statement. Canadian Pension Plan Investment Board (CPPIB) and General Atlantic also participated in the round.
The new investment is said to have valued the company at $3.6 billion making it one of India’s five most valuable internet companies along with Paytm, Ola, OYO Rooms etc. The valuation more than tripled from $1 billion earlier this year when it raised funding from China’s Tencent and BCCL.
The company has plans for international market expansion and investments in technology, the statement added. “This partnership (with Naspers and CPPIB) will strengthen our ability to deliver on our vision to build the world’s largest education company. India has the largest population attending primary school in the world and Indian households are willing to invest a lot in their children’s education,” said Byju’s founder Byju Raveendran.
“While near-term profitability is important for us, as a company our main focus continues to be on long-term sustainable growth,” Byju added.
Launched in 2015, Byju’s offer personalised learning programmes for school students in 4th-12th grades in India. The company claimed that more than 30 million students have used the Byju’s app and has garnered over 2 million cumulative annual paid subscriptions, with an average engagement of 64 minutes per student daily.
“With the largest school-age population in the world and a growing middle-class with the willingness to commit significant resources towards quality education for their children, Byju’s is perfectly positioned to provide an effective supplemental education solution for students across India,” said Russell Dreisenstock, Head of International Investments, Naspers Ventures.
The current round adds to around $244 million that Byju’s has raised so far from Tencent, Chan-Zuckerberg Initiative, Sofina, Sequoia, Verlinvest, and Lightspeed Venture Partners.
Claimed to be among the largest technology investors globally, Naspers had led a $210 million in food ordering app Swiggy in June this year.
The company has made three acquisitions till date including Math Adventures, TutorVista.com and Vidyartha, as per deals tracker Crunchbase.