Byjus raises 100M on 2B valuation - Good news for edtech startups
Byju's is the first and the largest edtech startup in India to get the Unicorn rank. Byju's has risen $100 million in a new round from General Atlantic India for a 5% stake in the startup.
With the most recent fundraising, Byju's valuation has also reached $2 billion marks, as well as General Atlantic, will pick up around 5% venture in the Byju Raveendran-led company.
The agreement is currently not confirmed from both sides.
The current valuation of the company is double in this round as compared to the previous round as well as certainly made its rank as one of the rising startups in India during the past five years.
The growth was cropped up at the beginning of this month when the online tutoring application was supposedly reached in the advanced stage of investment discussion to raise $200-300 million with private equity firm Temasek Holdings and General Atlantic.
General Atlantic made its first position by making its first investment in education department through the Byju's. General Atlantic is the growth equity firm located in New York and well-known for its investment in Snapchat, Airbnb and Slack along with 115 other investments. Generally, the firm invests in four sectors worldwideb Finance, Consumer, Technology, and Health. However, Byju's is an exceptional sector where they have invested. An office of this firm is also located in Mumbai.
According to a recent report, the abovementioned sponsor may or may not go mutually in the future funding season. Existing sponsors, including participation of Tencent Holdings of China in the most recent funding season, has not been determined.
If this deal goes further then, it will add another star to the reputation of Byju's. During this financial year, the targeting revenue of Byju's is Rs 1,400 crore.
Byju's was established in 2008 by two partners Byju Raveendran and Divya Gokulnath. Byju's became successful to boost a sum of $344 million throughout the recent years including this one. Earlier to this, the company had earned $40 million through Tencent Holdings.
The Bengaluru-located company has been rising approximately 100% per annum for the previous three years as well as recently turned into Rs 100 crore incomes per month.
In May during this year, Byju's declared that this company is one of some India-based billion-dollar companies that have become beneficial. The startup posted income of over $1 billion (Rs 100 crore) that motivated the edtech firm to improve its yearly revenue direction to Rs 1,400 crore. The startup posted income of Rs 45 crore during 2014-15, Rs 110 crore during 2015-16 as well as Rs 240 crore during 2016-17.
The edtech business has more than 20 million clients, 1.26 million yearly paid users and claimed 1.5 million students to join each month.
The company has also made few achievements in less time. During this July, Byju's get hold of Bengaluru-based Math Adventures, an application of math learning, for the private amount. During 2017, it gets hold of
Vidyartha (SPAN Thoughtworks Pvt. Ltd.) and TutorVista.com, both located out of Bengaluru.
Byju's-The learning app is the flagship product which offers learning programs for different classed as well as test preparation for AIPMT, JEE, IAS, CAT, GMAT & GRE.