Bengaluru: Byju’s, an Indian learning app, announced today that it has received an investment of $150 million led by Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar. This round also includes the participation from Owl Ventures, a leading investor in education technology and this is their first-ever investment in an Indian start-up.
This new round will support Byju’s aggressive plans of international market expansion and creation of learning products for students across the globe.
Byju Raveendran, Founder & CEO, Byju’s- The Learning App, said, “We are happy to have strong partners like QIA and Owl Ventures on board with us. Investment from prominent sovereign and pension funds validates our strong business fundamentals. Indian ed-tech firms attracting interest from eminent investors demonstrates that India is pioneering the digital learning space globally.
He further added, “High adoption and 85% annual renewal from small towns and cities shows the increasing acceptance of digital learning as a primary tool for learning at home. 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 programs for students in smaller cities, regions and newer markets.”
“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, stated.
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.”
Byju’soffers learning programs for students in classes 1 to 12 in India. Recently, the company launched a whole new learning experience for younger children in classes 1-3 with Disney- Byju’s Early Learn App. Transforming the offline to an online learning experience, Byju’s has also acquired Osmo, a Palo Alto-based education game making company. With increased brand awareness and strong adoption amongst students,
Byju’s tripled its revenue to INR 1430 crore in FY 18-19 and also turned profitable on a full-year basis.
Byju’s has already crossed INR 200 crore in monthly revenue and is estimating revenue of over INR 3000 crore this year.
Source from: The Peninsula