Bangalore-based education technology startup Byju’s Learning, has raised an undisclosed amount of funding from Chinese Internet conglomerate Tencent Holdings. The fresh funding will help Byju’s to accelerate product development for new markets and for acquisitions. A VCCircle report pegged the size of the investment at $35 million at a valuation of $776 million. Launched in 2015, Byju’s provides personalized learning courses for students from 4th to 12th standard, and learning content for competitive exams like GMAT, CAT, GRE, IAS, NEET among others. The company claims that it has around 4.5 million annual paid subscribers, and that it has an average engagement rate of 40 minutes per day per user, with over 90% of users renewing their subscriptions. The company added that it turned profitable last quarter, and registered revenues of Rs 260 crores in FY17, as compared to Rs115 crore in FY16, up 126% year on year. Previous Funding Byju’s has raised funding from multiple investors since its inception in 2011, as pointed out by this Mint report. Just over four months back, Byju’s had raised an undisclosed amount of funding from Verlinvest, an investment firm based in Belgium, four months ago. 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 2016, Byju’s raised a $50 million round led by the Chan Zuckerberg Initiative — the philanthropic fund from Facebook CEO Mark Zuckerberg and his wife Priscilla Chan. Other investors included Sequoia, Sofina, Lightspeed Ventures…
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