Based in Bengaluru edtech platform BYJU’S stated that it has raised a new round of funding from the global technology investment firm, BOND. Moreover a person familiar with the situation said that the recent valuation of BYJU’S after this fundraise stands at $10.5 billion.
This is BOND’s first investment in India. Its founding partners have backed industry pioneers including Spotify, Square, Peloton, DocuSign, Uber, and many others.
Conversing about the investment, Byju Raveendran, Founder and CEO of BYJU’S, stated that they are happy to partner with an investor like BOND. This partnership is a testament to the role that BYJU’S is playing in assisting students learn better by customising our platform to their capabilities. It also revealed the rising global interest in education tech as digital learning becomes increasingly accepted and embraced.
Furthermore since the schools are being shut down due to COVID-19, BYJU’S has made content on its learning app free for all the students.
Also In the past year, the platform has seen tremendous growth and now has over 57 million registered students, more than 3.5 million paid subscribers and annual renewal rates.
Byju said that this crisis has brought online learning to the forefront and has helped parents, teachers and students alike to experience and fathom the value of it.
It was Founded by Byju and his wife Divya Gokulnath.
BYJU’S doubles its revenue from Rs 1,430 crore to Rs 2,800 crore in FY 19-20.
Having a word on the investment, Mary Meeker, General Partner at BOND added that being Endorsed by millions of students, BYJU’S has emerged as a clear leader in education tech.
Also they are excited to support a visionary like Byju and his team in their quest to continue to innovate and shape the future of education.
Also in the month of February, BYJU’S raised an unrevealed amount of funding from General Atlantic, an existing investor in the firm.
While BYJU’S did not reveal the quantum of investment, sources said General Atlantic has pumped in an amount of $200 million (about Rs 1,420 crore) into the firm.