Bangalore-based education tech startup Byju’s Learning has raised $75 million from Sequoia Capital and Sofina, reports YourStory. With the fresh funding, Byju’s Learning plans to expand its product offering, and launch in international markets within 12 – 18 months.
The startup, which was founded in 2008 by Byju Raveendran, offers animated video lessons, online tests with feedback, and a customizable testing/learning module along with an Android and iOS app. It currently offers lessons for students from standard 6 to 12 as well as for CAT, IAS, GRE, and GMAT aspirants.
Currently, the company claims that its mobile app has seen over 2.5 million downloads, and around 120,000 paid annual subscribers. Operating in India and the Middle East as of now, it plans to expand to US, UK and other Commonwealth countries in the future. Raveendran claims that the use of animated video lessons engages students for an average of about 40 minutes per day.
Recent developments in the education tech space
-This month, Pune-based Maharashtra Institute of Technology (MIT) launched an accelerator called Eduglid for education technology startups, which provides seed funding of up to Rs 15 lakh in return for a minor stake.
– In January, Amazon India launched Exam Central, under the books department on the website where users can get access to sample question papers, solved papers and articles from academicians for entrance exams.
-In the same month, McGraw Hill Education India (MHE) tied up with Edutor Technologies’ IGNITOR, which provides tablets with educational content, to provide MHE’s Education book catalog in a digital format and distribute across universities and colleges.
-In the same month, Gurgaon-based CollegeDekho, an online platform which lists colleges across streams in the country, raised seed funding worth $1 million from GirnarSoft, the parent company of CarDekho.
-In the same month, online open course provider Udacity raised $105 million in Series D round of funding led by German media group Bertelsmann and other investors