Byju's on Wednesday said it has raised $150 million in fresh funding led by Qatar Investment Authority (QIA). Post this round of funding, the company's valuation is now at over $5.5 billion, according to business signals platform paper.vc. One of India's earliest unicorns, the valuation post this round has risen only slightly. Nonetheless, the funds will come in handy as the company expands its business overseas.
The funding round also saw participation from San Francisco-based Owl Ventures. The firm said it will use the funds for international expansion and creation of learning products for students globally. Byju's has so far raised close to $1 billion in funding over 11 rounds, according to data from Crunchbase.
Founded in 2011, Byju's claimed to have tripled its revenue to Rs 1,430 crore in the year to March 2019. The company posted revenues of about Rs 230.20 crore in FY17, according to data sourced from business intelligence platform Tofler. Byju's, which reported losses of about Rs 28.65 crore in FY18, said it turned profitable on a full-year basis in FY19. The company estimates it can more than double its revenue to over Rs 3,000 crore in the current financial year.
"We are happy to have strong partners like QIA and Owl Ventures on board with us. This partnership will support and strengthen our vision of creating and delivering personalised learning experiences to students. This will help us explore and leverage our expertise in creating immersive tech-enabled learning programmes for students in smaller cities, regions and newer markets," Byju Raveendran, founder & CEO of Byju's, said. In December 2018, the company had mopped up a whopping $540 million led by South Africa-based Naspers and Canada Pension Plan Investment Board (CPPIB).
Byju's the learning app, launched in 2015, has garnered 2.4 million paid subscriptions and has over 35 million registered users. The company said students from over 1,700 cities worldwide spend 71 minutes on the app on an average. "High adoption and 85% annual renewal from small towns and cities shows the increasing acceptance of digital learning as a primary tool for learning at home," CEO Raveendran said.