Lockdown has been great for Education Technology companies.
Bengaluru-based ed-tech platform BYJU’S, claims that over 20 million new students have started learning from its platform for free. Today, the app has over 64 million registered students and 4.2 million annual paid subscriptions. BYJU’S had doubled its revenue from Rs 1,430 crore to Rs 2,800 crore in FY19-20.
On Friday, it raised a new round of funding led by Silver Lake, a global technology investment firm. The current valuation of BYJU’S after this fundraise stands at $10.8 billion and the company has raised a total of $500 million in this round.
Greg Mondre, Co-CEO of Silver Lake, said
“We are delighted to lead this investment and partner with Byju and his impressive team of education technology pioneers in their mission to help children in India and around the world achieve their true potential,” . We look forward to working with them as BYJU’S builds on and accelerates its compelling growth trajectory by forging new partnerships and continuing to cultivate a comprehensive ecosystem of innovative educational offerings.”
Existing investors like Tiger Global, General Atlantic and Owl Ventures also participated in this round.
Byju Raveendran, Founder and CEO, BYJU’S,
“We are excited to welcome a strong partner like Silver Lake to the BYJU’S family. We are fortunate to be in a sector of positive relevance during this crisis. This has brought online learning to the forefront and is helping parents, teachers and students experience and understand its value. Our classrooms are changing possibly for the first time in 100 years and I’m really excited about the opportunities that we have to redefine the future of learning.”
Over the last few months, BYJU’S has also entered the after-school learning space with the launch of BYJU’S Classes, a comprehensive online tutoring programme. In response to the closure of schools, the company had made content on its learning app free for all students.
Last month, BYJU’S acquired WhiteHat Jr., a Mumbai-based coding platform, for $300 million. With coding fast emerging as a key skill for the future, this integration will also speed up BYJU’S expansion plans.
– Authored by GVSK Vedant
Content developer, StartupMonk