Expansion Plan: Byju’s Raises $150 million in its New Funding Round
The Silicon Review
10 July, 2019
Byju’s has completed its unnamed funding round by receiving capital worth $150 million from two investors. The latest funding round for the edtech startup will help the company to expand the reach of its learning app to various global markets including India.
The latest funding, led by Qatar Investment Authority, has valued Byju’s at $5.75 billion. Till date, the startup has raised almost $925 million in fundings.
Other investors such as Owl Ventures also took part in the funding round. Owl Ventures have pumped incapital in an Indian company for the first time.
According to Byju’s, the fresh capital infusion would be used to tap and expand in international markets. Earlier, the company intended to foray into the markets of New Zealand, the U.S., and the UK.
The company’s rival in India is Unacademy, a Bangalore-based company, which specializes in providing graduation level courses to students. Unacademy raised $50 million in June this year.
In the last fiscal year, Byju’s produced revenue of $205 million. The company plans to launch its IPO in the coming years, a Byju’s executive confirmed.
According to stats, India’s online education market would grow to $1.96 billion by 2021.
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