Woah! Byju’s Becomes India’s 3rd Decacorn As Valuation Soars To $10 Billion!
After raising an undisclosed amount of funding from a BOND, a global technology investment firm, edtech startup Byju’s valuation has soared to $ 10.5 billion, making it a decacorn.
Read on to find out more…
Byju’s is founded by Byju Raveendran and his wife Divya Gokulnath.
Last year, Byju became the newest face in the Forbes Billionaire list, with a net worth of $1.9 billion.
Byju’s has raised $200 million from the private equity firm General Atlantic in February 2020.
With the COVID-19 pandemic conquering the world and countries going into lockdown, the education system went online. The pandemic also saw a busy year for Byju’s.
In March and April, BYJU’s added 1.35 crore consumers. It was the first to announce that its content would now be available for free for all soon after the lockdown, and that got the ed-tech uniscorn which was already profitable, a new wave of users.
The edtech giant had already doubled its revenue to Rs 2800 crore ($370 million) in the year ending March 2020, revealed co-founder Divya Gokulnath to Business Insider.
She said, “We have met our revenue target of Rs 2800 crore. This has happened even when our consumer (students) and purchaser (parents) are different.”
The startup now has 5 crore users on its platform, even though paid user count is 35 lakh and its annual renewal rates are as high as 85%.
Byju’s: The 3rd Indian Startup To Become A Decacorn!
Byju’s is now the third Indian startup after Paytm and OYO to become a decacorn.
A decacorn is a financial term used to denote a relatively new company that is worth at least $10 billion.
This is BOND’s first investment in India. Globally, BOND has invested in companies like Facebook, AirBnB, DoorDash, Slack, Uber, Pinterest and more.
Byju Raveendran, Founder & CEO said, “This partnership is a testament to the role that BYJU’S is playing in helping students learn better by customizing our platform to their abilities. It also demonstrates the rising global interest in education technology as digital learning becomes increasingly accepted and embraced.”