BYJU’S on Thursday announced a new round of funding from Tiger Global Management of $200 million. This fresh infusion of funds takes the valuation of the Bengaluru-based firm to around $8 billion.
According to a Business Today report, BYJU’S has now become India’s third most valued startup behind Paytm and OYO.
Talking about the investment, Byju Raveendran, Founder & CEO said, “We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long term vision of creating an impact by changing the way students learn. This partnership is both a validation of the impact created by us so far and a vote of confidence for our long term vision.”
In 2019, BYJU’S launched a product for young learners (Grades 1-3), which completed their learning offerings from grades 1-12. The company is also working on launching programs in vernacular languages to make it accessible in the deeper parts of India. Additionally, BYJU’S will be launching BYJU’S Online Tutoring in the coming months too.
“While these are early days on how technology can enable better learning, there is tremendous potential in this segment to create a highly scalable and sustainable model that can equip and prepare the current generation for the unseen jobs of tomorrow. Learning is a space where sustainable long-term growth translates to a larger good. This space is therefore ripe for innovation to transform the future,” Byju further added.
In the past 12 months, BYJU’S has witnessed tremendous growth with over 42 million registered users and 3 million paid subscribers from both rural and urban areas in India. The average number of minutes a student spends on the app has increased from 64 minutes to 71 minutes per day over the last year too and the annual renewal rates are as high as 85%.
BYJU’S also tripled its revenue from Rs 520 crore to Rs 1,480 crore in FY 18-19 and turned profitable on a full-year basis. The company is on track to double revenues to Rs 3,000 crore in the current financial year.
“BYJU’S has emerged as the leader in the Indian education-tech sector. They are pioneering technology shaping the future of learning for millions of school students in India. We are excited to support Byju and the team,” said Scott Shleifer, Partner, Tiger Global.