Byju s on Wednesday said it has raised $150 million in fresh funding round led by Qatar Investment Authority (QIA). Following this funding round, 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. Byju s said it will use the funds for international expansion and creation of learning products for students globally. Byju s has so far raised nearly $1 billion in funding over 11 rounds, as per data from Crunchbase.
Founded in 2011, Byju s claimed to have tripled its revenue to Rs 1,430 crore in the fiscal ended March 2019. It 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 education technology company estimates it can more than double its revenue to over Rs 3,000 crore this fiscal.
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 and CEO of Byju s, said.
In December last, the firm had mopped up, $540 million from Naspers and Canada Pension Plan Investment Board. Byju s The Learning App, launched in 2015, has garnered 2.4 million paid subscriptions and has over 35 million registered users.
The firm said students from over 1,700 cities globally spend an average 71 minutes on the app. High adoption and 85 per cent annual renewal from small towns and cities shows the increasing acceptance of digital learning as a primary tool for learning at home, Raveendran said. FE