Edutech startup Byju’s may soon see healthy rise in its market valuation as reports claim that it is looking to raise $150 Mn in fresh funding round. According to reports, India’s largest edutech firm is in talks with two new investors and existing investor Tencent to raise funds at a market valuation of nearly $1.8-2 bn.
Byju’s made a roaring start to 2018 after it entered the coveted unicorn club, becoming the only edutech startup to breach the $1 bn market valuation.
Byju’s recently claimed that it has clocked Rs100 crore in monthly revenues and also increased its annual revenue target for the current financial year to Rs 1,400 crore. The company also makes an ambitious claim that it is one of few the unicorns that has managed to become profitable, though this claim is yet to be verified independently.
Byju’s success story is awe inspiring
Like most startups, Byju’s made a humble beginning with only one offline coaching center in the city of Bengaluru. At the heart of Byju’s awe inspiring journey from its humble beginning to the unicorn club is Byju Raveendran. Mr. Raveendran’s revolutionary teaching methods that brought impressive results in CAT and other tough entrance exams made Byju’s into a name to reckon with.
Mr. Raveendran cashed on this skyrocketing popularity by going digital in 2015 as he launched an app to increase Byju’s reach.
Undoubtedly, the decision to launch an app proved to be watershed moment for Byju’s. Its app has already witnessed millions of downloads, making the young company the most recognizable and successful edutech startup of India. The company has even signed Bollywood superstar Shahrukh khan as its brand ambassador.
Byju’s mainly offers two learning app. Its flagship app targets students from Class VI to XII, while its other app is aimed at students studying in classes IV and V.