Indian education-based startup firm Byju’s has now become the fourth most profitable in India. Its valuation has crossed over 37,000 crores or $5.4 billion. This could only be achieved by fresh funding of $25 million from enduring backer General Atlantic, delivering it the fourth most-valued single company in India.
Byju’s was started in 2015 almost 4 years ago. Through this app, it provides education service to students from class 3 to class 12. It even has added coaching for professional courses like CAT, GMAT etc. This initiative has added 30 million students. Out of these, more than 25 lakhs students have taken annual paid subscriptions.
The contract with General Atlantic would make Raveendran, who holds the startup with his wife Divya Gokulnath and brother Riju, one of the affluent new economy entrepreneurs. It is also one of the only significant venture capital-backed firms where patrons still hold over 30% stake. Byju’s has also stated that it intends to hire more workers this year by supplementing 3,000-3,500 fresh employees. All of this appears on the back of Byju’s $120 million takeovers of the US-based Osmo in 2019, which the organization will manage to inscribe the kids’ division by the middle of this year, with a stand-alone app.
Byju has raised investment of 3,890 crores from 3 foreign investors. With this funding, the valuation of the company has been valued at Rs 37,000 crore. In this sense, it has become the fourth highest value startup in the country. The company gave information about foreign funding in the past. The founder and CEO of the company, Byju’s executive Raveendran had said that the investment amount will be used to increase business in other countries to launch new products.
Our approach is to make learning fun and to associate with various age groups and geographical areas,” said Byju’s chief executive, Raveendran in a statement. “With this acquisition, we will influence education in the small children’s group. The company said that its goal is to increase its revenue by three times to Rs 1,400 crore in 2019. Byju has also drafted an endowment plan in the scale of $50-100 million for abroad extension in English-speaking businesses like the US, the UK, and others. The current brand ambassador of this startup is Bollywood actor Shah Rukh Khan.