Byju becomes the 4th most valuable startup in India as it raises $540 million of a gigantic funding round led by Naspers Ltd. The edtech startup was valued at $3.6 billion. The Canada Pension Plan Investment Board and private equity firm General Atlantic also participated in the round.
“While near-term profitability is important for us, as a company our main focus continues to be on long-term sustainable growth. The edtech industry is undergoing massive shifts; students today want to learn through engaging and interactive methods. We are pioneering ‘better learning for tomorrow’ with technology as an enabler, and have been working towards making students active learners. It is only through active learning that we can prepare our youth for the jobs of tomorrow,”said Byju’s founder Byju Raveendran.
The latest funds will be used for developing new products and expanding to international markets. In spite of this huge funding round, Raveendran and his family still controls 35-40% stake in the startup.