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One of the India’s leading EdTech Startup Byju’s has raised funds from Tencent Holding China. The company had been on the funding spree and is also forming collaborations internationally to get expand and grow furiously.
Funding Background of Byjus
Byjus has raised a total sum of $ 204 million from nine investors including some of leading VCs such as Sequoia Capital, Light Speed Ventures, and Aarin Capital. It is reinventing how students learn education not as a part of rote learning but essentially through imagining. The company since its launch last year, has already seen phenomenal engagement, with over 4 million students on its platform. The company is hoping to get over the valuation mark of $ 1 billion this year. Speaking over the growth Raveendran Byju said:
“We have 89 per cent renewals on our paid app. This shows that students are liking our product. We will be a profitable unicorn soon.”
With its huge and healthy investment cycle (World Bank, Sequoia and Chan Zuckerberg initiative funded) and magnanimous infrastructure, the company is trying to build a distribution channel to reach markets which are untapped with digital learning of its imagining kind. In accordance to its strategic vision of expanding in those markets, recently the company has acquired TutorVista and Edurite from Pearson.
While Byju Raveendran BYJU’S (Founder & CEO) said, “With increased brand awareness and strong adoption amongst students, this year we expect the revenue to double again and we will be profitable on a full year basis. This round of funding will help us leverage our expertise in creating highly effective tech-enabled learning programs to cater to the learning requirements in new markets.”