Edtech start-up BYJU’S recently announced that it has raised additional funding from existing investor General Atlantic. While the company didn’t mention the exact amount of funding, sources familiar with the development have said that it’s close to $200mn at a valuation of $8bn.
The announcement comes weeks after Tiger Global invested $200mn in the startup. The nine-year-old startup claimed profitability only before this new funding round.
BYJU’S is currently India’s third most valuable startup at a valuation of $8bn after PayTM ($16bn) and hotel operator OYO ($10bn).
Talking about the recent investment, BYJU’S CEO and Founder Byju Raveendran said, “The new investment illustrates an ever-increasing acceptance of our learning programs in small towns across the country.”
BYJU’S flagship product BYJU’S The Learning App has over 42mn registered users and 3mn paid subscribers. The app offers courses aimed at students of grade six and upwards. It also provides courses related to competitive exam preparations. Over 65percent of its consumer base is from outside the top 10 cities in India.
“This is a validation of how technology can make high-quality learning content more accessible to students, irrespective of their geographies. In fact, technology as an enabler has a lot of potential to further innovate the way in which learning can be made personalized and impactful,” said Raveendran.
So far, Byju’s has raised about $1.45bn from investors like Tencent, and Naspers. BYJU’S was also the first company in Asia to have Mark Zuckerberg’s Chan-Zuckerberg Initiative as an investor.
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