The Bengaluru-based learning app Byju's has once again landed $200M from its existing investor General Atlantic, which has ceded this additional amount to be a part of its new, current round.
With this deal, Byjus aims to enhance the level of learning programs in small towns across the country. Headquartered in New York, General Atlantic is a private equity firm, which backs startups with capital and strategic support.
Founded by Byju Raveendran in 2011, Byju's, helps school going students learn even the most complex concepts of mathematics and science by elucidating them in graphic-rich videos available on their learning app.
With the new funding, the total valuation of Byjus is raised from $5.7 billion to $8 billion in a year and became the 3rd most valuable firm in India after Paytm and Oyo. Paytm is the first most valuable firm in India, and the valuation is $16 billion, and Oyo is the second most valuable firm in India, and the valuation is $10 billion.
Byju Raveendran, founder and chief executive of the eponymous startup, said with the new funding of $200 million, the amount will be used to enhance learning programs for the people of the small town.
He further said, back in 2011, it was a time when a few million people in India would have to afford smartphones, and the price of mobile data was very costly for most people.
More than 65% of Byju's students are from outside the cities because it has many ways to explain the concept of science, mathematics, and physics. Although, it has more than 42 million users and 3 million subscribers, the startup’s learning app aims at students from 6th to 12th grade including undergraduates who are preparing for competitive exams.
Raveendran added, it is a proof that offering high-quality content to students will help them excel in their academics and technology is the only way to innovate ways of learning. Byjus has raised $1.45 billion till today, and the new investors are Tencent and Naspers. Besides, it recently raised $150 million from the Qatar Investment Authority (QIA).
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