Education tech startup Byju’s Learning has raised an undisclosed amount of funding from Verlinvest, an investment firm based in Belgium. A Mint report pegged the size of the investment at $30 million. The fresh round of funding will help Byju’s expand its operations into foreign markets and to acquire new firms
Till date Byju’s has raised more than $100 million in funding from multiple investors since its launch in 2008:
-In December last year, the company raised close to $15 million from the International Finance Corporation, an investment arm of the World Bank.
-In September last year, Byju’s raised $50 million from the Chan Zuckerberg Initiative, Sequoia Capital, Sofina, Lightspeed Ventures & Times Internet for international expansion.
-In March the same year, the company secured $75 million from Sequoia Capital and Sofina for expanding its product line.
Claims 4 million paid subscribers:
The company offers animated video lessons, online tests, and a customizable testing/learning modules along with an Android and iOS app. Lessons are focused on students from standard 6 to 12 as well as for CAT, IAS, GRE, and GMAT aspirants. Currently, Byju’s claims that its mobile app has seen over 5.5 million downloads, and around 4 million paid annual subscribers. Operating in India and the Middle East, it plans to expand to US, UK and other Commonwealth countries in the future. The company mentions that it has an average engagement rate of 40 minutes per day per user, with over 90% of users renewing their subscriptions.
Apart from this, Byju’s acquired a Bangalore-based education tech startup named Vidyartha for an undisclosed amount in January. At that time, the company said that the acquisition will help it create new highly personal learning experiences. This was Byju’s first acquisition.
India’s e-learning space has been rapidly expanding in the last couple of years. Search giant Google has an Internet education program for rural women in India, while Amazon India has an Exam Central product which lists solved papers and articles from academicians for entrance exams. Apart from Byju’s, several Indian edtech startups have raised funding recently which include named like Jigsaw Academy, CollegeDekho, S Chand, Smartivity Labs, Unacademy and Schoolguru among others.