Mark Zuckerberg-backed edtech startup Byju’s raises US$540M in fresh funding
This deal brings the Bangalore-based company’s valuation to US$3.6 billion
Byju’s Founder and CEO Byju Raveendran
Byju’s, the most popular edtech startup in India, has scored US$540 million as part of a mammoth funding round led by South African internet conglomerate Naspers Group.
Also joining the round are the Canada Pension Plan Investment Board (CPPIB) and private equity giant General Atlantic.
This deal brings the Bangalore-based company’s valuation to US$3.6 billion.
Byju’s will use the fresh capital to build new products and also aggressively expand in international markets.
“India has the largest school-age population in the world and Indian households are willing to invest a lot in their children’s education because a good education is the best path to success. I believe the importance of quality education amongst the entire population in India fuelled our ability to create an engaging and high-impact learning app,” Byju’s Founder and CEO Byju Raveendran said in a statement.
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“While near-term profitability is important for us, as a company our main focus continues to be on long-term sustainable growth. The edtech industry is undergoing massive shifts; students today want to learn through engaging and interactive methods. We are pioneering ‘better learning for tomorrow’ with technology as an enabler, and have been working towards making students active learners. It is only through active learning that we can prepare our youth for the jobs of tomorrow,” he added.
Launched in 2015, Byju’s is a creator of K-12 learning app which offers adaptive, engaging and effective learning programmes for students in classes 4-12 (K-12) and competitive exams like JEE, NEET, CAT, IAS, GRE and GMAT. The app creates personalised learning programmes for individual students based on their proficiency levels and capabilities which help them learn at their own pace and style.
The learning app makes learning contextual and visual, and not just theoretical.
In July Byju’s raised an undisclosed investment from Chinese internet giant Tencent Holdings. A few days before this development, Byju’s acquired TutorVista and Edurite from British multinational publishing and education company Pearson Plc. Early that year, the edtech firm raised nearly US$30 million funding from Verlinvest, a Belgian investment company and investor in Southeast Asian e-commerce company Lazada.
Previously, Byju’s has secured US$50 million, co-led by Chan Zuckerberg Initiative (CZI) — a fund launched by Facebook Founder Mark Zuckerberg and Dr. Priscilla Chan. This funding came less than six months after it secured US$75 million from Sequoia Capital and Sofina.
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