Byju’s, a Bengaluru-based test preparation firm and creator of the K12 learning app, has raised $75 million (about ₹500 crore) from venture capital firm Sequoia India and Belgian investment firm Sofina.
The company will use the money to expand its product pipeline, foray into new markets, provide content in new formats and build its pool of talent, according to sources close to the development.
Founded in 2011, Byju’s also offers learning programmes for Class VI-XII and test preparations for Joint Entrance Examination (JEE), the Civil Serv-ices Exam, Common Admission Test (CAT), Graduate Record Examinations (GRE) and GMAT among others.
When contacted, Byju Raveendran, Founder and CEO, confirmed the development. “India has the largest K12 education system in the world, but we consistently rank low in all global assessments.”
“We started Byju’s to address these learning gaps — to make learning fun and engaging by making it contextual, visual and not just theoretical,” Raveendran said. Learning is currently driven by the fear of exams, and not the love for learning, he added.
“At Sequoia we have always partnered with people with disruptive ideas and big vision. What excites us about Byju’s is not just the market potential but also his sheer commitment and passion to democratise access to education in India in a way that’s never been done before,” said GV Ravishankar, MD, Sequoia Capital India Advisors.
Sequoia, one of the most active VC firms in India, had earlier backed a number of firms such as Hector Beverages, eClerx Services and Micromax.