Indian Edtech Entrepreneur Wins Another Foreign Investor
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India's edtech startup BYJU's has scored yet another round of funding and this time around it's from Verlinvest, a large Belgian family-owned, consumer-focused, diversification investment holding company. This new round will help boost BYJU'S international expansion & acquisition plans, the company said in a statement, without divulging details about the exact funding amount.
The new round of funding comes less than seven months since the company had secured $50 million in a round co-led by Mark Zuckerberg's and Priscilla Chan's investment arm The Chan Zuckerberg Initiative (CZI) and Sequoia Capital, along with the other bunch of investors such as Sofina, Lightspeed Ventures, and Times Internet Ltd.
Commenting on this investment, Frederic de Mevius, Chairman of the Board, Verlinvest said, "We are excited to join hands with Byju Raveendran on his inspiring journey to bring effective learning online. We believe online learning has great potential globally and the BYJU'S product addresses this with an innovative and compelling proposition."
Teacher and entrepreneur, Byju Raveendran said in the same statement, "In the last 18 months, we have witnessed exponential growth in India. While these numbers are very exciting, there is a long way to go before we can call it a revolution. The fact that we are still reaching to less than 1% of the student population, shows the immense potential and the impact we can create."
Launched in 2015, BYJU's app has about 8 million users and 4,00,000 annual paid subscriptions. With an average time of 40 minutes being spent by a student on the app every day from 1701 plus cities and towns, the BYJU'S app is making learning enjoyable and effective. Annual renewal rates are as high as 90 percent.