Ed-tech start-up BYJUs raises a fresh round of funding from Chinas Tencent Holdings and will use these funds for product development and to expand its footsteps in international markets.
However, the transaction details were not disclosed by the company. But VCCircle sources reported that Tencent Holdings has put in around $35 million, and the company was valued around $776 million in this round.
Byju Raveendran, founder CEO of Byjus, said This year we expect the revenue to double again and we will be profitable on a full-year basis. This round of funding will help us leverage our expertise in creating tech-enabled learning programmes to cater to learning requirements in new markets.
Hongwei Chen, Executive Director of Investment and M$A at Tencent, said: We share Byjus mission of transforming education by creating personalised learning experiences for students. Byju's is the fourth investment made by Tencent Holdings in India, after investments in Flipkart, Hike, Practo.
Earlier this month, Byjus, Bengaluru based ed-tech Company, acquired Tutovista and Edurite from Pearson for an undisclosed amount. TutorVista is into online tutoring, catering to school and college students in the US and gets millions of visitors every month, according to company executives.
Byjus has seen more than 100% growth, with revenue going up from Rs115 crore in 2015-16 to Rs260 crore in 2016-17. Also, the company claims to have turned profitable last quarter, as per the reports from Business Line.