BYJU’S, India’s largest education company announced a new round of funding from Tencent Holdings Limited (Tencent), a leading provider of Internet value added services in China. This latest round of funding will help BYJU’S accelerate product development for new markets and enable inorganic growth through acquisitions.
Launched in 2015, BYJU’S Learning App has pioneered the personalised learning space for school students across the country. With 9 million students learning from the app and over 450,000 annual paid subscribers, BYJU’S has seen more than 100% growth, with revenue growing from Rs. 115 crores (FY 15-16) to Rs. 260 (FY 16-17) crores. The company also turned profitable last quarter.
Byju Raveendran, Founder & CEO, BYJU’S said, “We are excited to have Tencent on board with us. This makes our strong investor portfolio even more diverse. At BYJU’S, we have been fortunate to have investors who have always played a crucial role as partners in our growth story. 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.”
“BYJU’S has emerged as the clear leader in the Indian education-tech sector. We share BYJU’S mission of transforming education by creating personalized learning experiences for students. We are excited to be partnering with Byju on this exciting journey” said Hongwei Chen, Executive Director of Investment and M&A at Tencent
Brand BYJU’S has been at the fore front of offering engaging and effective learning experiences for students in the K-12 segment (Classes 4-12). From test prep classes to a world class learning app, BYJU’S today is the most loved K-12 learning app in the country. The app creates personalized learning programs for individual students based on their proficiency levels and capabilities which help them learn at their own pace and style. The learning app has seen a high annual renewal rate of 90%, which is a validation of its effectiveness.
In March 2017, Verlinvest, a large Belgian family-owned, consumer-focused, diversification investment holding company announced its investment in BYJU’S of $30 million. Recently, the company acquired TutorVista and Edurite from Pearson. Earlier in January 2017, BYJU’S had acquired Bengaluru-based Vidyartha, a data-driven platform offering customised learning guidance to students.