The Indian unicorn, BYJU has recently proclaimed that the private equity company, General Atlantic has joined in its latest funding round.
“General Atlantic has been one of our strongest partners and this additional investment shows their confidence in our vision, growth, and future. We are happy to see an ever-increasing acceptance for our learning programs in small towns across the country. Today, over 65 per cent of our students are from outside the top 10 cities. This is a validation of how technology can make high-quality learning content more accessible to students, irrespective of their geographies. Technology as an enabler has a lot of potential to further innovate how learning can be made personalised and impactful,” Byju Raveendran, Founder & CEO at BYJU’s, said in the company’s press release statement.
According to a media report, anonymous sources said that General Atlantic has infused money nearly INR 1,420 crore into the edtech company. The investment is a component of the funding round, which is underway presently.
In the previous month, Tiger Global invested about $200 million in BYJU’s,which is pegged at nearly $8 billion. At present, BYJU's is considered to be the third highly valued unicorn in the Indian market, reported Inc42.
In 2018, General Atlantic had made its primary investment of INR 406 crore and simultaneously, bought 1.6 per cent stake, reported Tracxn.
The edtech startup offers several learning programs for students, ranging from class 1 to 12. It has a user base of 42 million customers and 3 million paid subscribers. As per its claims, students are spending 71 minutes on BYJU's application regularly and thus, its annual renewal rates are 85 per cent.
The company has made a three-fold increase in its revenue from INR 520 crore to INR 1480 crore in fiscal 2018-19 and has become a profitable model on a full-year basis. It is planning to surge a twofold increase in its revenue to INR 3000 crore in the present fiscal.
Currently, the firm is planning to release programs in different languages to assist students throughout the nation in learning better. Besides this, it is releasing the ‘BYJU'S Online Tutoring Program’ in the offing.
Over time, BYJU’S has formed and designed learning programs that have played a vital role in changing the way children study today. Its team is persistently working towards formulating customised learning programs that will change the way students grasp knowledge across the globe.
In January last year, Byju’s invaded the major international market, especially the US after buying the US-headquartered learning platform, Osmo. In 2018, it concentrated on raising funds for expanding in the foreign market, reported Inc42.
BJYU’s then-strategy included expanding its presence in the US, Middle East, South Africa, Commonwealth markets and other African provinces.
Furthermore, it joined hands with Disney to offer its edtech services to kids studying in grades 1st to 3rd. Its “BYJU’S Early Learn app” was chiefly formed for young children between the age group 6 to 8 years old with Disney’s stories and characters from Disney Princess, Frozen, Cars, Toy Story franchises and more, the cited media agency reported.
Digital evolution and arrival of the smartphone have chiefly impacted, as well as amended, the learning process of the Indian students. This, in turn, introduced online tutoring, online test preparation, edutainment, web-based research and so on. Consequently, India has the biggest K-12 education system across the globe.
In the realm of edtech, BJYU’s pivoted a vital role since 2015, beginning its flagship app, BYJU’S - The Learning App, for students of mainly classes 4-12. It has its presence in more than 1700 cities in total and progressing by delivering lessons through its visual classes on its application. It essentially stimulates students to turn into self-initiated learners.
The Disney collaborated BYJU'S Early Learn App was released in June last year, which renders visual classes to the students in classes 1-3 with the help of Disney’s featured characters. Its acquisition of Osmo, a Palo Alto-based educational games maker, to change the overall experience of offline and online.
Focusing on rendering a world-class learning experience, the edtech company is making the learning process contextual and visual for the students presently. Its apps adapt the learning pace of a particular student by focusing on the metrics--pace, size, and style of learning.
The company is leading its course to new-age, geography-agnostic learning tools that are a concoction of interactive content, personalised learning, and mobile methodologies.