Byju Raveendran, the founder of famous educational app BYJU, has become the latest billionaire of the Indian startup ecosystem. He joined the elite list after his company’s latest funding round which fetched $150 million, earlier this month.
At present, BYJU’s valuation is $5.7 billion, which is outstanding for a startup that was established just seven years ago. Reportedly, BYJU holds 21 per cent stake in the company.
With the latest development, the former classroom teacher now stands among the likes of Flipkart founders Sachin Bansal and Binny Bansal, Paytm founder Vijay Shekar Sharma, Media.net founder Divyank Turakhia, and Zerodha Co-founder Nitin Kamath.
Interestingly, BYJU’s has been on a fundraising spree. The recent funding round was led by Qatar Investment Authority (QIA) and it also saw the participation from Owl Ventures, one of the chief investors in education technology.
In March this year, the Bengaluru based startup had secured Rs 214 crore in funding from its existing investors –General Atlantic and Chinese conglomerate Tencent.
Notably, BYJU had earlier announced that it has tripled its revenue to Rs 1,430 crore in FY 18-19, and also turned profitable on a full year basis. The company further added that its app is recording high adoption, with an 85 percent annual renewal from small towns and cities. It depicts an increasing acceptance of digital learning as a primary tool for learning at home.