While the novel Covid-19 poses major challenges for most of the industries, edtech firms are using this as an opportunity for them to grow. One of the biggest names in edtech industries remains Byju’s which has seen a 150% growth on its platform in March and has gained approximately 6 million new students. Byju’s is reported to raise fresh funds which will take its valuation to $10 billion.
A Decacorn club houses all the companies with net worth over $10 billion and after Oyo and Paytm, Byju’s is mostly likely to join the Decacorn club. The startup is in conversations to raise $400 million from Tiger Global and General Atlantic. This will be in addition to the ongoing round of investment where both the companies are investing around $300- $350 million in Byju’s.
This deal can bring a 20% surge in Byju’s valuation which is valued at $8.2 billion presently. The company hasn’t finalized anything yet and are still in the initial phase of conversation. Byju’s has also been exploring international markets in last couple of years.
The Bangalore-based startup is reported to have over 35 million registered users and out of that 2.4 million are paid customers. The freemium model provides 15 days for a new user bringing more engagement on the platform. Byju’s is also planning to explore ‘the after school’ ‘two-way interaction’ segment in coming future. Such innovations give the company an edge over others in the competition.