India’s edtech giant BYJU’s has raised $1 billion in a funding round led by the Qatar Investment Authority (QIA) and other investors. The latest funding round has propelled the company’s valuation to $15 billion, making it one of the most valuable edtech companies in the world.
BYJU’s was founded in 2011 by Byju Raveendran, a former teacher and engineer. The company offers a range of online learning programs for students from kindergarten to 12th grade and also provides test preparation courses for competitive exams such as JEE, NEET, and CAT.
The company has seen tremendous growth in recent years, with its user base reaching over 80 million students. The COVID-19 pandemic has further accelerated the adoption of online learning, and BYJU’s has emerged as a leader in the space.
The Growth Trajectory of BYJU’s
BYJU’s started as a small coaching center in Bengaluru, offering personalized coaching to students preparing for competitive exams. However, with the advent of technology, the company shifted its focus to online learning and launched its flagship product, BYJU’s – The Learning App, in 2015.
The app offers video lessons, interactive quizzes, and personalized feedback to students, making learning more engaging and effective. The company has also partnered with schools and colleges to provide its learning solutions to students.
In 2019, BYJU’s acquired Osmo, a US-based education technology startup that develops interactive games for children. The acquisition helped BYJU’s expand its product portfolio and enter the US market.
The company has also raised significant funding over the years. In 2018, it raised $540 million in a funding round led by Naspers Ventures and Canada Pension Plan Investment Board. In 2019, it raised $150 million from Qatar Investment Authority and Owl Ventures.
The Latest Funding Round
The latest funding round has seen participation from new investors such as BlackRock, Sands Capital, and Alkeon Capital, along with existing investors like General Atlantic, Tiger Global, and Tencent.
The funds will be used to expand BYJU’s product offerings, enter new markets, and make strategic acquisitions. The company is also planning to hire more than 4,000 employees across various functions.
The funding round comes at a time when the edtech sector is witnessing unprecedented growth due to the COVID-19 pandemic. With schools and colleges closed, students are increasingly turning to online learning platforms for their education needs.
The Future of BYJU’s
BYJU’s has established itself as a leader in the Indian edtech market and is now eyeing global expansion. The company has already entered the US, UK, and Australia markets and is planning to expand further.
The company is also exploring new product categories such as upskilling and reskilling programs for working professionals. With the pandemic accelerating the adoption of remote work, there is a growing demand for online learning programs that can help professionals upskill and stay relevant in their careers.
BYJU’s has come a long way since its inception in 2011. The company has disrupted the traditional education system in India and has emerged as a leader in the edtech space. The latest funding round is a testament to the company’s growth trajectory and its potential to become a global leader in online learning. With the pandemic accelerating the adoption of online learning, BYJU’s is well-positioned to capitalize on the growing demand for digital education.