When you talk about Edtech in India, a name that can't be missed is BYJU’s. This education technology company based out of Bangalore, India is absolutely crushing everything a startup’s supposed to be crushing. Byjus recently has raised $ 500 million (about Rs 3,672 crore) in fresh funding in the new round, which makes the company’s valuation $ 10.8 billion. Let’s have a look at BYJU’s success story
Founder - Byju Raveendran
BYJU's was founded in the year 2011 by Byju Raveendran. In 2003, during his two months break from an overseas job as a service engineer, Byju decided to help some of his friends appearing for CAT in Bangalore. He himself ended up clearing IIM-A,B,C but decided to turn to teach students for CAT instead.
His workshops were so popular at one point that more than 20000 students attended one of them. He began filming films of the workshops he hosted in 2009, and he hasn’t stopped since. BYJU's.
Going offline to online
After starting the video format for CAT and similar entrance exams. But, it was in 2011 that he formed the company, dubbed Byju’s, with the help of some of his students who had graduated from IIMs. It was in 2011 that they started creating core learning products. In 2015, he released Byju’s – The Learning App, which was downloaded by over 55 Lakhs people.
BYJU's - Business Model and Revenue Model
BYJU’s operates on a freemium business model, in which it provides both free and paid (premium) services to its clients. The company gives students a free 15-day trial post which, the student must purchase the courses from BYJU to gain access to the full content. The company gives one-on-one mentoring to its subscribers as well as feedback to the parents of the children.
BYJU's - Funding and Investors
Dated June 21, 2021, BYJU’s total funding to date is approximately $2.7 billion, with the latest funding flowing from IIFL and Maitri Edtech. In its most recent round of fundraising, BYJU was valued at $16.55 billion. BYJU’s was the first Asian startup to get Funding from the Chan-Zuckerberg Initiative, which was founded by Facebook founder Mark Zuckerberg and his wife Priscilla Chan in 2016.
BYJU's - Growth
Despite its global size, most of its growth to date has come from its home market – India is the largest education system in the world with 260 million school-age students. And, perhaps rarely for rapidly growing start-ups, not only has it managed to achieve a sizeable valuation, but it has also become profitable and is now establishing a presence in international markets through a strategy of acquisition.
A case study on BYJU’s was featured in Harvard Business School’s curriculum in March 2017. From a non-monetary basis, it is undoubtedly one of any company’s greatest achievements. That’s when Byju’s began to operate on a global scale
Byju’s App is noted for providing students with a self-paced learning experience by allowing them to break down complex ideas. Byju’s app has changed Indian education by efficiently merging Constructive techniques of teaching and learning, according to this study. The software is dynamic, comfy, and effective, according to the majority of responders. However, For the average Indian student, regular membership is prohibitively expensive. Byju’s App is working hard to change the educational landscape, and if it can become more inexpensive, it will undoubtedly reach a wider audience.