Bond Capital backs India education platform Byju's
Bond Capital, the technology investment firm established by Silicon Valley veteran Mary Meeker, has struck its debut deal in India with a commitment to online learning provider Byju’s.
The Indian company confirmed the investment via a LinkedIn post, without giving any financial details. But the post links to a LiveMint report that puts the post-money valuation at $10.5 billion. Byju’s was reportedly valued at $8 billion when General Atlantic invested $200 million as part of an ongoing round in February. That came a few weeks after Tiger Global contributed $300 million.
“It is truly humbling to have the path-blazing Mary Meeker endorse our vision of making students fall in love with learning,” Byju’s said in a statement. “This investment will take us further in making our goals a reality and offering students an unmatched learning experience.”
The company is expected to use the new capital to increase headcount to meet rising demand for its services. Byju’s now claims 57 million registered users, of which 3.5 million are paid subscribers. Revenue reached INR28 billion in the 2020 financial year, up from INR13.3 billion in 2019.
Online learning platforms also received a boost after India imposed a nationwide lockdown in late March in response to the coronavirus outbreak, with Byju’s and several peers introducing new classes at no charge. “This crisis has brought online learning to the forefront and has helped parents, teachers and students alike to experience and understand the value of it, Byju Raveendran, founder and CEO of Byju’s, said in a statement cited by Techcrunch.
The company unveiled plans earlier this year to make its offering of educational videos and quizzes available in regional languages, especially in locations outside India’s metropolitan hubs. This follows a move to offer services for younger learners aged 6-8. Longer-term plans include targeting foreign markets.
Previous investors in Byju’s have included Tencent Holdings, Naspers Ventures, Sequoia Capital India, and the Chan Zuckerberg Initiative.
Bond Capital made its first investment in Asia last year, leading an $85 million round for Australian outsourced graphic design platform Canva at a valuation of $3.2 billion. Last week, it re-upped in a $60 million round at a valuation of $6 billion. Canva attributed the growth to a shift online amid COVID-19.
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