Info-tech

Qatar Investment Authority leads Byju’s $150 million funding

Our Bureau Chennai | Updated on July 10, 2019 Published on July 10, 2019

Ed-tech start-up Byju’s announced that it has received an investment of $150 million led by Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, with participation from Owl Ventures.

This new round will support Byju’s aggressive plans of expanding in international markets and creating world-class learning products for students across the globe. This is the first primary investment from QIA and Owl Ventures in India, that aims at boosting innovation in the tech-enabled learning space.

“We are happy to have strong partners like QIA and Owl Ventures on board with us. Investment from prominent sovereign and pension funds validates our strong business fundamentals and demonstrates that India is pioneering the digital learning space globally” said Byju Raveendran, founder and CEO, Byju’s.

“High adoption and an 85 per cent annual renewal from small towns and cities shows the increasing acceptance of digital learning as a primary tool for learning at home. This partnership will support and strengthen our vision of creating and delivering personalised learning experiences to students, and help us leverage our expertise in creating immersive tech-enabled learning programs for students in smaller cities, regions and newer markets,” he said.

“This investment underscores QIA’s strong commitment to the education sector and our focus on investing in leading innovators in the TMT industry globally,” said Mansoor Al-Mahmoud, CEO of QIA.

With increased brand awareness and strong adoption amongst students, Byju’s tripled its revenue to ₹1,430 crore in FY19 and also turned profitable on a full-year basis. It has already crossed ₹200 crore in monthly revenue and is estimating revenue of over ₹3,000 crore this year, the start-up said.

Amit Patel, MD, Owl Ventures said, “This new partnership with Byju’s reinforces our commitment to creating the best and most unique learning journeys for every student.”

Published on July 10, 2019
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