Bengaluru-based edtech startup Byju’s, which is India’s only profitable consumer internet unicorn, has raised $200 million from Tiger Global Management, reported ET.
With the latest funding, the Indian edtech giant is now valued at around $8 billion.
According to ET sources, secondary transactions worth $100-200 million are also expected to take place which will provide exit opportunities to Byju’s early investors.
Talking about the deal, Byju Raveendran, founder and CEO of Byju’s, said, “We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long term vision of creating an impact by changing the way students learn. This partnership is both a validation of the impact created by us so far and a vote of confidence for our long term vision.”
Founded by Byju Raveendran and Divya Gokulnath in 2008, Byju’s offers a personalised learning experience for K12 students to enhance their understanding through its app. Over the years, Byju’s has expanded its product offerings to include course material focused at preparing the students for various competitive exams like CAT, IAS, JEE and NEET. The startup claims to have over 40 million subscribers including 2.8 million paid subscribers on its platform.
While being the leading edtech platform in the country, Byju’s continues to expand its array of services by launching an Early Learn App for children aged six to eight, in partnership with Disney.
By delivering profits, Byju’s is also keeping its investors happy. During FY19, Byju’s posted a net profit of ₹20.16 crores in FY19 from a net loss of ₹28.65 crores on a standalone basis in FY18.
Earlier in July 2019, Byju’s raised $150 million from Qatar Investment Authority, Owl Ventures and SWFI. Till date, this edtech startup has raised over $1 billion across multiple funding rounds.
Other edtech startups competing with Byju’s in the space include Unacademy, Vedantu, Embibe, Adda247, Gradeup, Simplilearn and Toppr, among many others.
Earlier in December 2019, it was reported that Unacademy was in talks to raise $100 million from General Atlantic and GGV Capital.