The Bangalore-based leading edtech platform BYJU’S announced that it had raised fresh capital in global technology investment firm BOND’s (1) funding round on Friday. The undisclosed funding amount brings the current valuation of the online learning startup at $10.5 billion.
The latest funding comes post Tiger Global’s (2) $200 million investment in BYJU’S at the beginning of the year, which valued the edtech platform’s worth at around $8 billion then.
BOND, co-founded by Mary Meeker, has forayed into the Indian market with this investment. The firm’s founding partners have backed industry pioneers like Uber, Spotify, Square, and DocuSign, amongst many others.
Boost to Online Learning Due to Covid-19
The Covid-19 situation has led to the shutting down of institutes and schools as a response to which BYJU’S has made the content on its learning application free for all students. The edtech platform also introduced live classes to further student engagement.
The platform saw tremendous growth in the past year and currently holds 57 million registered students, and over 3.5 million paid subscribers with renewal rates as high as 85% on its platform.
BYJU’S Founder & CEO Byju Raveendran, while talking about the investment, 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 customizing our platform to their abilities. It also demonstrates the rising global interest in education technology as digital learning becomes increasingly accepted and embraced.”
With this investment, BYJU’s stands as the second most valued startup in India after Paytm, overtaking hospitality startup OYO. The startup has emerged as a ‘clear leader’ in edtech and also doubled its revenue from Rs 1,430 crore to Rs 2,800 crore in FY 2019-20.