[Funding alert] Edtech platform BYJU'S raises new round from BOND
Bengaluru-based edtech platform BYJU’S on Friday said that it has raised a new round of funding from the global technology investment firm, BOND. A person familiar with the matter told YourStory that the current valuation of BYJU'S after this fundraise stands at $10.5 billion.
This is BOND's first investment in India. Its founding partners have backed industry pioneers such as Spotify, Square, Peloton, DocuSign, Uber, and many others.
Talking about the investment, Byju Raveendran, Founder and CEO of BYJU’S, said,
“We are happy to partner with an investor like BOND. This partnership is a testament to the role that BYJU’S is playing in helping students learn better by customising our platform to their abilities. It also demonstrates the rising global interest in education technology as digital learning becomes increasingly accepted and embraced.”
In response to schools being shut down due to COVID-19, BYJU’S has made content on its learning app free for all students. In the past year, the platform has seen tremendous growth and now has over 57 million registered students, more than 3.5 million paid subscribers and annual renewal rates as high as 85 percent.
“This crisis has brought online learning to the forefront and has helped parents, teachers and students alike to experience and understand the value of it,” Byju added.
Founded by Byju and his wife Divya Gokulnath, BYJU’S doubled its revenue from Rs 1,430 crore to Rs 2,800 crore in FY 19-20.
Commenting on the investment, Mary Meeker, General Partner at BOND added,
“Endorsed by millions of students, BYJU’S has emerged as a clear leader in education technology. We are excited to support a visionary like Byju and his team in their quest to continue to innovate and shape the future of education.”
In February, BYJU'S 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.
Edited by Saheli Sen Gupta