Last Updated on 22/06/2021 by Khushi
After obtaining a large amount in a new round of funding from UBS Group and Zoom founder Eric Yuan, Blackstone, and others, ed-tech company “Byju’s” thus becomes World’s most admired startup. The business has recently received $350 million in a funding round from several investors, including the Abu Dhabi government fund ADQ and Phoenix Rising.
Before Byju’s Paytm was known as the most valued Indian startup but now after receiving huge funds Byju’s beat Paytm, which had been previously valued at $16 billion, for the leading position in India’s startup sector. Recently in an interview startup’s executives revealed that “the company is expecting to raise $1 billion over the 12-15 months during a UBS event earlier this year” By participating in this funding round Byju’s aimed to collect $1.5 billion. The decision of taking participate in this round was taken after seeing a good response from the investors in last year’s funding round. With this amount, Byju’s is planning to acquire an online learning platform Topper.
The decision of buying has been taken after thorough research and the ed-tech company is also planning to acquire the US-based online learning portal Epic. By acquiring these companies Byjus wanted to use their study resources and teaching methods to offer learning opportunities to all types of students who come from different streams. Furthermore, due to the nationwide lockdown the growth of online learning platforms such as Byju’s, Unacademy, and many more boosted and that is also a reason the Byju’s is planning to acquire more ed-tech companies to expand their services worldwide. Recently Byju’s enhanced its curriculum to educate school students on their platform. Tutors on the Byju’s app use physical objects to teach complicated topics.
Byju’s has earned a lot of popularity amongst the youths as it provides good quality education. Currently, Byju’s have over 80 million subscribers and due to this large following base and good quality education investors are attracted towards this platform Deborah Quazzo, managing partner of GSV Ventures, one of its investor revealed that “Investing in Byju’s is profitable, the ed-tech company earned sales of over $100 million across the United States last year”.