Education Technology firm Byjus Learning app today said it is poised to raise USD 50 million (around Rs 335 crore) close on the heels of raising USD 75 million in March from Sequoia Capital & Sofina.
The raised funds will be deployed to fuel international expansion and inorganic growth through global acquisitions, the company said in a press release.
The markets where the company has presence already are India and the Middle East, and will enter the US, the UK and other Commonwealth countries over the next few months.
According to statement, Byju’s Learning App is already profitable in India with MoM growth of 15 per cent. The revenue for June 2016 stood at Rs 30 crore. The increasingly popular mobile app, that has crossed five million downloads, is reinventing pedagogy in the age of mobile devices.
It said that by providing high-quality original content that deploys movie-making tools and graphics, the app aims to make learning contextual and visual.
The app enjoys unprecedented popularity among K12 students. Currently, there are over 200,000 paid subscribers, with 30,000 added just in the last one month, it added.
However, what is more significant is a high user engagement, with an average time of 40 minutes spent by a student on the app every day. Byjus learning app is paving the way for new-age, geography-agnostic learning tools that sit at the cross section of mobile, interactive content and adaptive learning methodologies.
Byju Raveendran, Founder and CEO, Byjus Learning App said, “We are seeing strong inbound interest from multiple investors over the last few months, thanks to our explosive growth. We are keen to bring in partners who will catalyse the next stage for us.
On the other hand, we are humbled by the rising popularity and high engagement for our product with 90 per cent annual renewal rates from the students. We are constantly innovating the way in which we make learning accessible, effective, engaging and personalised.”
Byjus is India’s largest Ed-tech company that sits at the intersection of content, media and technology to offer highly adaptive, engaging and effective programs for K-12 and competitive exams like CAT, IAS, GRE GMAT.
The learning app was launched in 2015, enabling them to scale beyond the geographical barriers that classroom teaching presents and reinvent how students learn in India.