India based ed-tech platform BYJU’S raises funds from global technology investment firm BOND at a valuation of $10 billion.
This is the first Indian startup investment of Mary Meeker’s led VC firm BOND.
In February, BYJU’S raised about USD 200 million in funding from General Atlantic. At that time, sources had said the company was valued at about USD 8.2 billion.
BYJU’S which has raised well over USD 1.3 billion had also announced raising funds from Tiger Global Management in January.
“This partnership (with BOND) is a testament to the role that BYJU’S is playing in helping students learn better by customizing our platform to their abilities. It also demonstrates the rising global interest in education technology as digital learning becomes increasingly accepted and embraced,” BYJU’S founder and CEO Byju Raveendran said in a statement.
In response to schools being shut down due to COVID-19, BYJU’S has made content on its learning app free for all students, and has also introduced live classes to further student engagement, the company said.
BYJU’S has over 57 million registered students, more than 3.5 million paid subscribers, and an annual renewal rate of 85 percent.
BYJU’S doubled its revenue from Rs 1,430 crore to Rs 2,800 crore in 2019-20.