Byju’s can willingly claim to be the poster boy of India’s edutech sector, just like Oyo can for hospitality sector or Swiggy for foodtech sector. This tag is most certainly justified given that the Bengaluru based startup has been a spectacular run for a long time now. Today Byju’s long drawn spectacular run got another fresh impetus, after its valuation surged to a new high of $5.38 bn following its latest funding.
The edutech startup has raised $31 million (around Rs 214 crore) from existing investors General Atlantic (GA) and Tencent. As per the regulatory filings, GA invested Rs 173 crore while Tencent pumped 41.63 crore in the latest round. Its last funding had come in December last year when it raised $530 Mn at a valuation of $3.6 billion.
Following the latest funding, founder Byju Raveendran and other promoters’ stake in the company will remain intact at 36%. Byju is one very few VC backed startups where founders and promoters still own more than 30% stake. Conventionally, in successful startups founders and promoters mostly own minority stakes as they offload their stakes to raise funds.
The substantial stake also males Byju Raveendran one of the wealthiest and successful new age entrepreneurs in the country.
Byju’s plans for Aggressive Growth in Future
Byju’s is planning for an aggressive expansion not only in the domestic market but also international market. Internationally, it is eyeing highly competitive markets like U.S, U.K as well as few commonwealth and Asian countries. The company’s recent acquisition of gaming start-up Osmo, which is based in Silicon Valley, is expected to give real head-start to its international expansion.
Back in India, Byju is planning to expand its product portfolio in existing segments of grades 1-3 and 4-12 segments. Currently, the company claims to have 30 million free users and 2 million paid users on its platform. It had recently announced the goal to cross revenue mark of Rs 1,400 crore in few months.
Byju is chasing a lucrative global edutech market that is estimated to touch $286.62 billion by the end of 2023.