Tiger Global commits $300m to India's Byju's
Tiger Global Management has led a $300 million funding round for India-based online learning platform Byju’s, joining an investor roster that already includes Tencent Holdings, General Atlantic, Naspers Ventures, Sequoia Capital India, and the Chan Zuckerberg Initiative.
The company is now valued at $8 billion, up from a reported $5.75 billion six months ago, when Qatar Investment Authority led a $150 million round. Byju’s has now received more than $1 billion in total funding since its inception in 2011, according to AVCJ Research.
The company offers educational videos through an app for students and exam candidates, primarily serving those living outside metropolitan areas. There are plans to make videos in different languages and target students outside India in the future. It claims to have three million paid subscribers, charging between $200 and $300 for a 12-month subscription.
“Bjyu’s has emerged as the leader in the Indian education-tech sector,” said Scott Shleifer, a partner at Tiger Global, in a statement. “It is pioneering technology shaping the future of learning for millions of school students in India.”
Tiger Global has existing exposure to India’s online education market, having led a $42 million round for tutoring platform Vedantu with WestBridge Capital last August. Other private equity and venture capital-backed companies that focus on selling online educational content for exam candidates include Aakash Academy and Unacademy.
In India, Tiger Global’s recent activities have involved financial technology. It has invested in KredX, which helps small-scale merchants reduce paperwork and accounting burdens, and OkCredit, a mobile-based platform specializing in accounting for small businesses.
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