India’s largest education technology company Byju’s, which is reinventing how students learn through mobile app, has raised a fresh $100 million in a funding from private equity player General Atlantic India for a 5% stake in the startup, which comes in a single tranche , reported Business Standard today.
With this, Byju’s valuation has reached $2 billion, which is more than double the company’s value from its previous round, and certainly marks its status as one of the emerging startups from India in the past five years.
With investment in Byju’s, General Atlantic marks its first investment in the education space. The New York-based growth equity firm known for its investment in AirBnB, Slack and Snapchat among 115 other investments. The firm usually invests in four global sectors — Consumer, Finance, Healthcare and Technology. Byju’s however is an exception in a pool of its investment portfolio companies. The firm has its office in Mumbai.
Founded in 2008, by Byju Raveendran and Divya Gokulnath, BYJU’S has raised a total of $344 million in funding over eight rounds including this one. Prior to this, the startup had raised $40 million from Tencent Holdings.
In May this year, Byju’s claimed that it is one of the few India-based billion-dollar startups that has become profitable. The startup posted revenue of more than Rs 100 crore ($1 billion) that pushed the edtech firm to revise its annual revenue guidance to Rs 1,400 crore. The startup posted revenue of Rs 45 crore in 2014-15, Rs 110 crore in 2015-16 and Rs 240 crore in 2016-17.
The startup has also made few acquisition in short period of time. In July this year, Byju’s acquired of Bengaluru-based Math Adventures, a math learning startup, for undisclosed amount. Prior to this, in 2017, it has acquired
TutorVista.com and Vidyartha (SPAN Thoughtworks Pvt. Ltd.), both based out of Bengaluru.
BYJU’s is backed by investors such as Tencent, the Chan Zuckerberg Initiative (of Facebook founder Mark Zuckerberg), Belgian family office Verlinvest and the World Bank’s private sector arm, the International Finance Corporation.