Bangalore headquartered BYJU today announced that it has received a fresh round of funding from Tencent Holdings Limited. The startup which has emerged as the leader in the Indian education-tech sector now plans to use raised capital in product development for new markets and enable inorganic growth through acquisitions.
Commenting on the development, Byju Raveendran, Founder & CEO, BYJU’S said, “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.”
Founded in 2011, BYJU’s offers learning programmes for class 6-12 & test preparation for JEE, AIPMT, CAT, IAS, GRE & GMAT. Later in 2015, the startup has launched its learning app which is used by over 9 Mn students, with close to 450K paid annual subscriptions and a high annual renewal rate of 90%.
The startup provides engaging and effective learning experiences for students in the K-12 segment. 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.
“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 in the last quarter,” said in a press statement.
Earlier this month, BYJU has acquired online education company TutorVista Global Pvt. Ltd from Pearson Plc for an undisclosed amount. The deal also included Edurite Technologies Pvt. Ltd, a provider of technology solutions to the education sector that TutorVista acquired in 2007.
BYJU is a well-funded startup in the country and it counts Chan Zuckerberg Initiative, Sequoia Capital India, Sofina, Verlinvest, Lightspeed Venture Partners, Times Internet, Aarin Capital, IFC as their investors.
Most recently, Verlinvest, a large Belgian family-owned, consumer-focused, diversification investment holding company has invested $30 million in BYJU.