BYJU’S announced on Wednesday that it has received an investment of $150 million led by Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar. This round also includes the participation from Owl Ventures, a leading investor in education technology and this is their first-ever investment in an Indian startup.
This new round will support BYJU’S’ aggressive plans of international market expansion and the creation of world-class learning products for students across the globe. This first-ever primary investment from QIA and Owl Ventures in India will aim at boosting innovation in the tech-enabled learning space.
Byju Raveendran, Founder & CEO, BYJU’S - The Learning App, said, “We are happy to have strong partners like QIA and Owl Ventures on board with us. Investment from prominent sovereign and pension funds validates our strong business fundamentals. Indian ed-tech firms attracting interest from eminent investors demonstrates that India is pioneering the digital learning space globally.”
He further added, “High adoption and 85% annual renewal from small towns and cities shows the increasing acceptance of digital learning as a primary tool for learning at home. This partnership will support and strengthen our vision of creating and delivering personalised learning experiences to students. This will help us explore and leverage our expertise in creating immersive tech-enabled learning programs for students in smaller cities, regions and newer markets.”
BYJU’S is positioned as a leader at the intersection of technology, media and content in education. It is a good example of a product company out of India with a business model that combines fast growth at scale with profitability.
“This investment underscores QIA’s strong commitment to the education sector and our focus on investing in leading innovators in the TMT industry globally,” Mansoor Al-Mahmoud, CEO of QIA, stated.
BYJU’S offers learning programs for students in classes 1 to 12 in India. Recently, the company launched a whole new learning experience for younger children in classes 1-3 with Disney BYJU’S Early Learn App. Transforming the offline to an online learning experience, BYJU’S has also acquired Osmo, a Palo Alto-based education game making company. With increased brand awareness and strong adoption amongst students, BYJU’S tripled its revenue to Rs 1430 crore in FY 18-19 and also turned profitable on a full-year basis. BYJU’S has already crossed Rs 200 crore in monthly revenue and is estimating revenue of over Rs 3000 crore this year.
Amit Patel, Managing Director, Owl Ventures, said, “With the world’s largest school-age population of 260 million, India’s education sector is at an inflection point. BYJU’S has been at the forefront of providing quality auxiliary education to new-age learners. This new partnership with BYJU’S reinforces our commitment to creating the best and most unique learning journeys for every student.”