Education technology company BYJU’S is inching closer to becoming a Unicorn. The company has raised an undisclosed amount of funding from Chinese Internet giant Tencent.
According to a top source, the company was valued at close to Rs 5000 crores (~ $780 million) in the latest round of funding. “The company is also seeing big revenue growth. In June alone, it crossed Rs 50 crores in revenue,” the source said.
Unicorns are venture funded companies that command a valuation of over $ 1 billion. India only has a handful of tech Unicorns like Flipkart, Ola and Paytm.
BYJU’S said in a press release that it now has over 9 million students learning from its app and has 450,000 annual paid subscribers. “BYJU’S has seen more than 100% growth, with revenue growing from Rs. 115 crores (FY 15-16) to Rs. 260 (FY 16-17) crores. The company also turned profitable last quarter,” the statement said.
BYJU’S, the ed tech company founded by Byju Ravindran, now counts top tier investors including the Chan Zuckerberg Initiative, Sequoia Capital and World Bank’s investment banking arm IFC. The company has raised over $200 million so far from investors.
“We are creating strong international products and will be launching soon. Adding a strong partner is always when your aspiration is to create the largest education company in the world,” Byju told FactorDaily over the phone.
The company wants to target students in English speaking markets. It had acquired TutorVista and Edurite from Pearson earlier this month for an undisclosed amount. For more on BYJU’S, read: The CAT whisperer, our detailed profile of Byju Ravindran.