Ed-tech unicorn Byju's raises $540 M from Naspers Ventures, CPPIB
This funding makes Byju’s the most valuable ed-tech company in the world being valued at $3.6 billion, and one of the top five most-valuable startups in India.
Byju’s has confirmed that it has raised $540 million from Naspers, a global internet and entertainment group, along with participation from Canada Pension Plan Investment Board (CPPIB).
According to a statement released to the press, the company plans to expand to international markets and make investments in technology to help further personalise learning for students.
“We are happy to have prominent and long-term partners like Naspers Ventures and CPPIB on board with us. This partnership will strengthen our ability to deliver on our vision to build the world’s largest education company. India has the largest school-age population in the world and Indian households are willing to invest a lot in their children’s education because a good education is the best path to success. I believe the importance of quality education amongst the entire population in India fueled our ability to create an engaging and high-impact learning app,” said Byju Raveendran, Founder and CEO of Byju’s - The Learning App.
This funding makes Byju’s the most valuable ed-tech company in the world being valued at $3.6 billion, and one of the top five most-valuable startups in India, along with Flipkart ($22 billion), Paytm ($16 billion), Oyo ($5 billion) and Ola ($4 billion).
“While near-term profitability is important for us, as a company our main focus continues to be on long-term sustainable growth. The ed-tech industry is undergoing massive shifts, and students today want to learn through engaging and interactive methods. We are pioneering ‘better learning for tomorrow’ with technology as an enabler, and have been working towards making students active learners. It is only through active learning that we can prepare our youth for the jobs of tomorrow,” added Byju.
Byju, the creator of K-12 learning app, offers highly-adaptive, engaging and effective learning programs for students from classes 4-12 (K-12) and competitive exams like JEE, NEET, CAT, IAS, GRE and GMAT.
“Naspers partners with high-potential companies that are tackling big societal needs like education, which represents a significant sector ripe for disruption across the globe. With the largest school-age population in the world and a growing middle-class with the willingness to commit significant resources towards quality education for their children, Byju’s is perfectly positioned to provide an effective supplemental education solution for students across India,” said Russell Dreisenstock, Head of International Investments, Naspers Ventures.
“We partnered with Byju's because we believe the company’s success in India will translate across borders in any country where students are looking for an innovative and engaging form of education beyond the classroom,” he added.