Byju’s is now a decacorn with the latest investment from Mary Meeker’s BOND

• With this Byju’s valuation soars to $10.5 billion, according to Business Insider sources. Byju’s is now the third Indian startup after Paytm and OYO to be a decacorn.
• In March and April, BYJU’s added 13.5 million consumers.
• The startup now has 50 million users on its platform, even though paid user count is 3.5 million and its annual renewal rates are as high as 85%.

Edtech startup Byju’s has raised an undisclosed amount of funding from BOND – the global technology investment firm. This is BOND’s first investment in India. Globally, BOND has invested in companies like Facebook, AirBnB, DoorDash, Slack, Uber, Pinterest and many more. Mary Meeker is one of the four founders of BOND.

With this Byju’s valuation soars to $10.5 billion, according to Business Insider sources. Byju’s is now the third Indian startup after Paytm and OYO to be a decacorn.

“This partnership is a testament to the role that BYJU’S is playing in helping students learn better by customizing our platform to their abilities. It also demonstrates the rising global interest in education technology as digital learning becomes increasingly accepted and embraced,” said Byju Raveendran, Founder & CEO.

Founded by Byju and his wife Divya Gokulnath, Byju’s had raised $200 million from the private equity firm General Atlantic in February 2020. Last year, Byju became the newest face in the Forbes Billionaire list, with a net worth of $1.9 billion.

With the coronavirus lockdown, Byju’s has had a busy year. In March and April, BYJU’s added 13.5 million consumers. It was the first to announce that its content would now be available for free for all soon after the lockdown, and that got the ed-tech giant, which was already profitable, a new wave of users.

The company had already doubled its revenue to ₹2,800 crore ($370 million) in the year ending March 2020, revealed co-founder Divya Gokulnath in an earlier interview to Business Insider. “We have met our revenue target of ₹2800 crore. This has happened even when our consumer (students) and purchaser (parents) are different,” she said.

The startup now has 50 million users on its platform, even though paid user count is 3.5 million and its annual renewal rates are as high as 85%