New Delhi: Ed-tech major BYJU’S Thursday said it has raised an undisclosed amount of funding from Tiger Global Management.
While BYJU’S did not disclose the quantum of investment, sources said Tiger has pumped in USD 200 million into the company.
“We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long term vision of creating an impact by changing the way students learn,” BYJU’S founder and CEO Byju Raveendran said in a statement.
The statement said BYJU’S launched a product for young learners (Grades 1-3) in 2019. It is also working on launching programmes in vernacular languages.
Additionally, BYJU’S will be launching online tutoring in the coming months, it added.
“BYJU’S has emerged as the leader in the Indian education-tech sector. They are pioneering technology shaping the future of learning for millions of school students in India. We are excited to support Byju and the team,” Tiger Global Partner Scott Shleifer said.
In the past 12 months, BYJU’S has witnessed strong growth with over 42 million registered users and 3 million paid subscribers in India.
The average number of minutes a student spends on the app has increased from 64 minutes to 71 minutes per day over the last year too and the annual renewal rates are as high as 85 per cent, the statement said.
BYJU’S has tripled its revenue from Rs 520 crore to Rs 1,480 crore in 2018-19 and turned profitable on a full-year basis. The company said it is on track to double revenues to Rs 3,000 crore in the current financial year.
(PTI)