Byju’s which is venturing into online tutoring — raises funds from Tiger Global Management
- Byju’s, one of India’s largest online tutoring startups and a standalone learning app for school students has raised funding from
Tiger Global Management, a global investment firm.
- It now aims to launch learning modules and programmes in spoken languages to expand to remote areas of the country.
- It added over 42 million learners — including 3 million paid subscribers.
- Byju’s revenue grew threefold — from ₹520 crore to ₹1,480 crore in FY19.
The unicorn which caters to young learners between grades 1 to 12 - wants to launch more modules and expand to remote areas of the country. It also wants to launch spoken language courses.
It will also launch BYJU’S Online Tutoring in the coming months, the company said in a release.
“Technology can enable better learning, there is tremendous potential in this segment to create a highly scalable and sustainable model. This space is therefore ripe for innovation to transform the future and the partnership will advance our long term vision of creating an impact by changing the way students learn,” said Byju Raveendran, Founder & CEO.
The year of 2019 has good for the startup as its annual renewal rates went up 85%. It added over 42 million learners — including 3 million paid subscribers. The company also claims that the learners spend nearly 70 minutes per day on the app.
“BYJU’S has emerged as the leader in the Indian education-tech sector. They are pioneering technology shaping the future of learning for millions of school students in India,” Scott Shleifer, Partner, Tiger Global.
Byju’s revenue also grew threefold — from ₹520 crore to ₹1,480 crore in FY19 — and has no plans to stop. The company aims to double its revenues to ₹3,000 crore in the current financial year.
Byju’s is the fourth most valued startup in India after e-commerce firm PayTm, hotel aggregator Oyo and cab aggregator Ola. Last year, it acquired Osmo for $120 million, a US-based platform for educational games to deliver services to students from three to seven years of age.
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