BENGALURU: Popular ed-tech startup BYJU’S has raised yet another funding round. China-based Tencent Holdings Limited has provided an undisclosed sum for this round.
BYJU’S intends to deploy this latest round of funding to accelerate product development for new markets and enable inorganic growth through acquisitions.
Commenting on raising the funds, Founder & CEO of BYJU’S, Byju Raveendran, said, “With getting Tencent on board, we have made our strong investor portfolio even more diverse. With increased brand awareness and strong adoption amongst students, this year we expect the revenue to double again and we will be profitable on a full year basis. This round of funding will help us leverage our expertise in creating highly effective tech-enabled learning programs to cater to the learning requirements in new markets.”
Hongwei Chen, Executive Director of Investment and M&A at Tencent, said, “BYJU’S has emerged as the clear leader in the Indian education-tech sector. We share BYJU’S mission of transforming education by creating personalized learning experiences for students. We are excited to be partnering with Byju on this exciting journey.”
Founded in 2011 by Byju Raveendran, BYJU’s offers learning programs for class 6-12 & test preparation for JEE, AIPMT, CAT, IAS, GRE & GMAT. Over 9 million students have registered on this app, with close to 450,000 paid annual subscriptions and a high annual renewal rate of 90%.