Startups in India are booming at a gargantuan pace. With several hundred startups setting up shop and failing every day, for even one of them to achieve the ‘unicorn status’ is considered exceptional. But Byju’s, the edtech startup has achieved something dream-like.
The company founded in 2011 by Kerala born Byju Raveendran is set to enter the exclusive ‘decacorn club’. According to reports, it is expected to raise $400 million in an ongoing funding round. A decacorn company is a one that has a valuation of over $10 billion. Investors like General Atlantic and Tiger Global have already attended the round, although the final terms of the deal are yet to achieve fruition.
With this significant funding, Byju’s valuation will increase by almost 20% and hit the 10 billion dollar mark. It looks like the company is a popular one among investors as in February, Byju’s raised another $400 million from Tiger Global and General Atlantic.
While companies are losing customers by the boatload due to COVID-19, edtech startups are bringing in the fish. With lakhs of students under lockdown, Byju’s has recorded a 150% surge in its traffic and welcomed 6 million new students to its e-learning experience. This amounts for close to 35 million customers in total out of which 2.4 million are paid.
Although Byju’s offered “no comment’ on its imminent funding but according to our sources the company is planning to take the overseas plunge. This signals the Indian giant’s arrival in the far bigger and competitive global edtech arena. The country in which Byju’s will start its operations is still not clear but nonetheless it would have to compete with companies like Coursera and Studysoup.
Byju’s online learning platform uses innovative learning techniques to make education easy and fun for its young clientele. The company is also planning to start the ‘after school’ and ‘two-way interaction’ segments in the Indian market.
With many tricks up its sleeve, Byju’s looks well prepared to earn its place as a future decacorn company.