EdTech Byju’s Raises Millions Valuation Increases to $12 bn
By a statement released in September 2020, the famous EdTech company Byju’s had announced that it has raised a large funding of $500 million from Silver Lake and DealStreetAsia. This catapulted its valuation to $10.8 billion.
Now in a gap of two months, in November 2020 Byju’s has raised another $200 million which inflated its valuation to $12 billion. The firm has seen this surge due to increased usage of online learning platform.
Byju’s As A Platform
Byju’s or Byju’s- The Learning App, by definition is an online learning platform. It functions as an online classroom for its users. The startup company is based in India. It was founded by the talented tutor and entrepreneur, Byju raveendran, in 2011.
It has since become a multinational company. It has subsidiaries which are- TutorVista, WhiteHat Jr, and Osmo. The founder had declared as of 2020 in the Global Trends Festival that the platform has a steady renewal rate of 86%. The promising EdTech startup has sponsored multiple events and also has raised it’s download traffic to 600% within 2017 to 2020
EdTech Firm Byju’s Raises Millions: Valuation Increases to Around $12 bn
Recently, global economy has been struggling to rise above the damage caused by the pandemic. While it is seen that many companies are still struggling, other ones have risen because of the unforeseen factor of remote working. This includes online learning platforms.
Byju’s is an online learning platform, developed the application so students can study from anywhere. Earlier in September, the firm acquired funding from private equity firms. The firms are- Tiger Global, Silver Lake, Owl Ventures, and General Atlantic.
For the developed situation now in November, few more firms have caused the even further surge in the funding and increased value of Byju’s as an educational firm. The new private equity firms are- Alkeopn Capital, Sands Capital, BLackRock, and T. Rowe Price.
Blackrock, a pre-existing investor has participated along with the new investor, T.Rowe Price, to accumulate the major funding. Byju’s has seen a valuation raise substantially. This is why there are more funding flow coming through. This may show us a new angle on how to handle a crisis and still provide quality education to the youth of today.
Byju’s has seen surge by gathering funding from investors from around 18 funding rounds, by raising around $2.3 billion. This startup firm has acquired around 25 million new users, 70 million registered and 4.5 million annual enrolled subscribers.
This event has the ball rolling for Byju’s. the firm is being called “India’s second most valuable startup”. They are competing head on with the leading platform for digital payment in India- Paytm. According to Hurun India Unicorn Index 2020, Paytm currently has a steady $16 billion in valuation.
This is a huge boost for online platforms and online-based firms. Byju’s has started setting an exemplary set put in motion for itself and other upcoming digital markets.
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