India's PE-backed Byju's gets $30m

Byju’s will use the new capital to support its international expansion plans, according to a statement. The company announced earlier this year that it would launch a global app and to acquire several US and India-based online gaming and learning start-ups.

Founded in 2011 by Byju Raveendran, Byju’s is best known for its tutorial app, which targets students in grades K-12 with homework help and preparation for school tests as well as competitive exams. The company claims the app has been downloaded eight million times and currently has around 400,000 paid annual subscribers, with yearly renewal rates of around 90%.

“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,” said Raveendran. “The fact that we are still reaching less than 1 percent of the student population shows the immense potential here and the impact we can create.”

While Byju’s operations are based in India, the company says about 15% of its users are from outside the country, particularly the Middle East. Verlinvest believes Byju’s personalized learning features will give it broad appeal when its international app launches.

Byju’s backers include the Chan Zuckerberg Initiative (CZI), a venture capital investment vehicle founded by Facebook CEO Mark Zuckerberg and his wife Priscilla Chan. CZI joined Sequoia Capital last September to commit $50 million to the company in a round joined by Lightspeed Venture Partners, Times Internet and Belgium’s Sofina. Sequoia, Sofina and Times Internet had taken part in a $75 million round for Byju’s earlier that year.

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