Education technology firm BYJU’S on Friday announced a new round of funding from BOND, the global technology investment firm.
“We are happy to partner with an investor like BOND,” said Byju Raveendran, Founder & CEO, adding, “This partnership is a testament to the role that BYJU’S is playing in helping students learn better by customising our platform to their abilities. It also demonstrates the rising global interest in education technology as digital learning becomes increasingly accepted and embraced.”
In response to schools being shut down due to COVID-19, BYJU’S has made content on its learning app free for all students. BYJU’S has also introduced LIVE classes to further student engagement. “This crisis has brought online learning to the forefront and has helped parents, teachers and students alike to experience and understand the value of it,” Raveendran said. “We have the opportunity to positively influence how teachers teach, students learn and school’s function. The ‘Classrooms of Tomorrow’ will have technology at the core, empowering students to cross over from passive to active learning. The result will be a combination of the best of both online and offline educational offerings.”
In the past year, BYJU’S has seen tremendous growth and now has over 57 million registered students, more than 3.5 million paid subscribers and annual renewal rates as high as 85%, the company said in a statement. BYJU’S doubled its revenue from Rs 1430 crore to Rs 2800 crore in FY 19-20, the company said.
“Endorsed by millions of students, BYJU’S has emerged as a clear leader in education technology,” said Mary Meeker, General Partner at BOND, adding, “We are excited to support a visionary like Byju and his team in their quest to continue to innovate and shape the future of education.”
BOND is a global technology investment firm that supports visionary founders throughout their entire life cycle of innovation and growth. BOND's founding partners have backed industry pioneers such as Spotify, Square, Uber and many others.