General Atlantic, Tencent invest $31m in India’s Byju’s

The new funding round raises the company’s valuation to more than $5 billion, according to filings with the Registrar of Companies cited by Indian media, up from the $4 billion valuation as of Byju’s latest funding round in December. Both Tencent and General Atlantic participated in that $400 million round, which was led by an investment arm of South Africa’s Naspers.

Byju’s was founded in 2011 by Indian engineer Byju Raveendran (pictured). Its signature tutorial app provides students from primary through high school with homework help and test and exam preparation in a range of subjects. The company claims to have 33 million registered students on the platform worldwide, with 2.2 million annual paid subscriptions.

Last year Byju’s said it had achieved profitability, with monthly revenue in excess of INR10 billion. The company is currently focused on expansion in other English-speaking markets as well as deepening its presence in India. It acquired Indian math learning platform Math Adventures last year and purchased online tutoring sites TutorVista and Edurite from Pearson in 2017.

Investors in Byju’s include the International Finance Corporation, Sequoia Capital, and the Chan Zuckerberg Initiative, established by Facebook CEO Mark Zuckerberg and his wife Priscilla Chan. Canada Pension Plan Investment Board (CPPIB) has also backed the company.

India’s education sector is seen as an attractive investment destination, with demand expected to grow due to the country’s rising middle class, and a perception of insulation from economic shocks. Recent investments include Eruditus Executive Education and Educational Initiatives.

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• Topics
• South Asia
• Technology
• Consumer
• Expansion
• India
• General Atlantic
• Tencent
• TMT
• Education