[Funding alert] General Atlantic invests $200M in edtech unicorn BYJU'S
Edtech major BYJU'S recently said it has raised an undisclosed amount of funding from General Atlantic, an existing investor in the company.
While BYJU'S did not disclose the quantum of investment, sources said General Atlantic has pumped in $200 million (about Rs 1,420 crore) into the company. The investment is part of ongoing funding that had seen Tiger Global invest a similar amount into the edutech company.
Just last month, Tiger Global infused around $200 million in the startup, at a valuation of around $8 billion, making it the third-most valued Indian unicorn, at present. This round pegs the valuation of the startup at about $8.2 billion.
"General Atlantic has been one of our strongest partners and this additional investment shows their confidence in our vision, growth, and future. We are happy to see an ever-increasing acceptance for our learning programmes in small towns across the country," BYJU'S Founder and CEO Byju Raveendran said in a statement.
He added that over 65 percent of BYJU'S students are from outside the top 10 cities.
"This is a validation of how technology can make high-quality learning content more accessible to students, irrespective of their geographies. In fact, technology as an enabler has a lot of potentials to further innovate how learning can be made personalised and impactful," he added.
BYJU'S has 42 million registered users and three million paid subscribers. Students spend 71 minutes on the app daily, and the annual renewal rate for the startup is at 85 percent. It also tripled its revenue from Rs 520 crore to Rs 1,480 crore in FY18-19, and turned profitable on a full-year basis.
The company is on track to double its revenue to Rs 3,000 crore in the current financial year.
BYJU'S has learning programmes for students in Classes 1 to 12. Currently, it is working on launching programmes in vernacular languages, and will also launch 'BYJU'S Online Tutoring Program' in the coming months.
(Edited by Suman Singh)