The latest round brings the edtech company's valuation to $16.5B. Here are the top-line bullets you need to know.
Byju’s, an education technology company, has raised $350M in a Series G that drew participation from UBS Asset Management, Blackstone, and ADQ among others.
How’s the company performing?
- Bangalore-based Byju’s is a K-12 learning application providing online educational courses to students from primary and competitive exams like JEE, NEET, and IAS.
- The company’s platform caters to 80M students, which includes 5.5M paid subscribers, and has an annual renewal rate of 86%.
- The company reported that its revenue doubled from INR 2,800 crore ($400M) in FY20 to INR 5,600 crore ($800M) in FY21 and expects to generate revenue of $1B in 12 to 15 months.
- The company plans to expand into the US, the UK, Brazil, and Indonesia with the launch of its new platform, Byju’s Future School.
Why does the market matter?
- Annual spending on educational technology is estimated to reach $342B by 2025, according to HolonIQ.
- The education technology market is expected to grow at a CAGR of 16.1% and reach a value of $181.3B by 2025, according to Markets and Markets.
- Increased penetration of digital devices, the advantages of technological integration, and the pandemic-induced growth of online education media are some of the key enablers of this growth.