“Byju’s has over 5.7 crore students registered on its platform, with more than 35 lakh paid subscribers”
Byju’s is an Edutech startup which was first started in 2011 and it became popular due to hosting online classes for all the students of all the classes in school. Byjus has received an undisclosed amount of investment from Mary Meeker’s equity fund Bond.
The investment from the US firm is already backing many other firms which include many other online platforms such as Spotify, Square, and Uber, among others.
In January the Banglore Edutech startup based startup raised $200 million(roughly 1500 crores) in a funding round led by Tiger Global at a valuation of around $8 billion (roughly Rs. 60,470 crores). It also received an investment of an additional $200 million from General Atlantic in February.
While announcing the latest funding round, Byju’s revealed that it has over 5.7 crores registered students on its platform, with more than 35 lakh paid subscribers and annual return rates as high as 85 percent.
The annual revenue of this Bangalore Edutech has doubled from Rs. 1,430 crores to Rs. 2,800 crores in the financial year 2019-20, the startup said on Friday. However, it didn’t provide any details about its total valuation.
According to a report by TechCrunch, citing a person familiar with the development, Byju’s is receiving the new funding of under $100 million (roughly Rs. 756 crores) at a valuation of $10.5 billion (roughly Rs. 79,400 crores).
As people staying indoors to avoid being infected by the noble coronavirus or COVID-19 and to limit its spread, online learning, or any online service providing platform has reached new levels of customers. To provide education remotely Google meet, Microsoft teams and Byjus provide the facility to have a great education experience remotely.