Byju Raveendran, the founder of the leading edtech startup – BYJU's, became the latest billionaire of the Indian startup ecosystem after his company's latest funding round, according to a media report.
A report by Bloomberg stated that BYJU’s valuation is now at $5.7 billion after it raised $150 million in funding earlier this month. Byju Raveendran is reported to be holding a 21 percent stake in the company.
The edtech startup’s founder joins the elite list of billionaires from the Indian startup ecosystem, which includes Flipkart founders Sachin Bansal and Binny Bansal, Paytm founder Vijay Shekar Sharma, Media.net founder Divyank Turakhia, and Zerodha Co-founder Nitin Kamath.
The Barclays Hurun India Rich List 2018 - a compilation of the richest individuals in India with a net worth of Rs 1,000 crore or more - saw the entry of 19 entrepreneurs from unicorn companies such as Paytm, Flipkart, Udaan, Oyo, Ola, and BYJU’s, among others.
The list was topped by Divyank Turakhia with a total wealth of Rs 11,600 crore, followed by Vijay Shekhar Sharma at Rs 10,500 crore, and Nithin Kamath and family at Rs 8,600 crore.
BYJU's has been on a fundraising spree. Earlier this month, it raised $150 million investment led by Qatar Investment Authority (QIA). The round also saw participation from Owl Ventures, a leading investor in education technology.
In March, 2019, the company secured Rs 214 crore in funding from its existing investors New York-headquartered equity firm General Atlantic and Chinese conglomerate Tencent.
The Bengaluru-based unicorn had earlier announced that it has tripled its revenue to Rs 1,430 crore in FY 18-19, and also turned profitable on a full year basis.
BYJU's added that its app is recording high adoption, with an 85 percent annual renewal from small towns and cities. This shows an increasing acceptance of digital learning as a primary tool for learning at home.
(Edited by Saheli Sen Gupta)
How has the coronavirus outbreak disrupted your life? And how are you dealing with it? Write to us or send us a video with subject line 'Coronavirus Disruption' to email@example.com