[Funding alert] BYJU'S raises $150M investment led by Qatar Investment Authority
Edtech unicorn BYJU'S on Wednesday announced it has raised $150 million investment led by Qatar Investment Authority (QIA). The round also saw participation from Owl Ventures, a leading investor in education technology. This is the first-ever primary investment from Owl Ventures in India.
With this round of funding, BYJU'S aims to aggressively expand in international markets. Byju Raveendran, Founder and CEO, BYJU'S - The Learning App, said in a press statement:
“Investment from prominent sovereign and pension funds validates our strong business fundamentals. Indian edtech firms attracting interest from eminent investors demonstrates that India is pioneering the digital learning space globally."
In May this year, the Bengaluru-based unicorn announced it 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 the app currently sees high adoption and close to 85 percent annual renewal from small towns and cities showing increased acceptance of digital learning as a primary tool for learning at home.
In March this year, the company secured Rs 214 crore in funding from its existing investors - New York-headquartered equity firm General Atlantic and Chinese conglomerate Tencent - for global expansion, according to filings with the Registrar of Companies (RoC).
"This partnership will support and strengthen our vision of creating and delivering personalised learning experiences to students. This will help us explore and leverage our expertise in creating immersive tech-enabled learning programmes for students in smaller cities, regions, and newer markets," he said.
The BYJU'S platform offers learning programmes for K-12 students in India. The team recently also partnered with Disney and launched the Disney BYJU'S Early Learn App for classes one to three. It also acquired Osmo, a Palo Alto-based education game making company.
“This investment underscores QIA’s strong commitment to the education sector and our focus on investing in leading innovators in the TMT industry globally,” Mansoor Al-Mahmoud, CEO of QIA, said in a press statement.
The team claims it has already crossed Rs 200 crore in monthly revenues, and is estimating revenue of over Rs 3,000 crore this year.
Amit Patel, Managing Director, Owl Ventures, said, “With the world’s largest school-age population of 260 million, India’s education sector is at an inflection point. BYJU'S has been at the forefront of providing quality auxiliary education to new-age learners. This new partnership with BYJU'S reinforces our commitment to creating the best and most unique learning journeys for every student.”
(Edited by Megha Reddy)