Byju's raises undisclosed amount of funding from Tencent
Education start-up Byju's has received an undisclosed amount as funding from Tencent, a leading provider of internet services in China. With over 4,50,000 paid subscribers, Byju has achieved 100% growth in the last year. "This (funding from Tencent) makes our strong investor portfolio even more diverse," founder Byju Raveendran said. Byju's annual renewal rate of subscription is 90%, a testament to the app's popularity.
Byju Raveendran has come a long way. What started as a small venture by a UK-based shipping firm engineer helping out his friends to crack CAT, is now a million dollar enterprise. Recently, it has raised funding from Tencent. Also, according to reports, Think and Learn Pvt Ltd, the parent company of Byju's has acquired TutorVista and Edurite from Pearson. Here's all about it.
Byju's founder and CEO Byju Raveendran said that the acquisition will enhance the firm's product offerings and also give it access to the new markets when they launch international products. Pearson's TutorVista is currently one of the largest online-based tutoring services catering to students studying in American schools and colleges. Edurite is instrumental in providing audiovisual content to students studying in classes 8-12.
The firm didn't disclose the acquisition amount of the deal. Byju's currently has around 80 lakh users, of which 4 lakh are annually paid subscribers. It focuses on students studying in classes 4-12. The firm provides personalized learning programs after gauging proficiency level and capabilities of students via its app. This helps the kids in learning his/her chosen subjects at own pace and style.
Byju's is steadily reaching its goal of becoming India's first education based unicorn and this move will solidify their chances of achieving it even faster. It has several feathers in its proverbial cap, which include receiving a whopping $50 million investment from the Chan-Zuckerberg Initiative (CZI) led by Facebook's CEO Mark Zuckerberg and becoming the subject of a Harvard Business School case study.