- Education app company Byju’s has raised $200 million from Tiger Global Management at a reported valuation of $8 billion
Education app company Byju’s has raised $200 million from Tiger Global Management, according to a report by ETtech.com. This round of funding reportedly valued the company at $8 billion. ETtech’s sources said Tiger Global has been negotiating the investment in Byju’s over the last few months.
“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,” said Byju’s founder Byju Raveendran in a statement.
Secondary transactions estimated at $100 million to $200 million may also occur, which would provide exits to some of the earlier investors in the company. Along with Raveendran, Byju’s was also founded by Riju Raveendran and Divya Gokulnath.
Prior to this round of funding, Byju’s raised over $950 million in funding. And there are rumors that Byju’s may raise another $1 billion throughout this year. Byju’s last raised funding in July 2019 and its valuation at that time was between $5.5 billion and $6 billion. Some of the company’s other investors include Qatar Investment Authority, Owl Ventures, General Atlantic, Naspers, Verlinvest, Sequoia Capital, and Lightspeed Venture Partners.
Byju’s is profitable as the company has 2.8 million paid users. And the company has a total of 40 million registered users.
For the fiscal year 2019, Byju’s saw its expenses rise to somewhere in the ballpark of $186 million – which is more than double the previous year. And the company’s revenue for 2019 was nearly $190 million, more than double the previous year. And the company is forecasting revenue of more than $422 million this year.
“Byju’s has emerged as the leader in the Indian education-tech sector. They are pioneering technology shaping the future of learning for millions of school students in India,” added Tiger Global partner Scott Shleifer.
