Byju’s 2020 Journey: Fundraising, Acquisitions, and Global Expansion
Fundraising Success: Byju’s Secures $545 Million
Byju’s, the prominent edutech company, has had a fruitful 2020 in terms of fundraising. Recent reports reveal that the company secured $122 million from DST Global, following a $23 million investment from BOND, led by Mary Meeker, earlier in the year. This substantial funding has bolstered Byju’s financial standing significantly.
DST Global’s Investment and Byju’s Valuation
The investment from DST Global, founded by Yuri Milner, has earned the fund a 1.2% stake in Byju’s, marking a strategic partnership. Notably, DST Global’s previous investments include major players like Swiggy and Udaan. Byju’s valuation has surged from $8 billion to $10.5 billion in 2020, fueled by these investments.
Strategic Acquisitions and Continued Growth
Byju’s strategic acquisitions have also been pivotal in its growth trajectory. The acquisition of coding company White Hat Jr for $300 million exemplifies Byju’s expansion into new domains. Furthermore, Byju’s is actively pursuing global expansion, targeting six new countries including the UK, Australia, New Zealand, Singapore, and Germany.
COVID-19 Impact: Accelerated Growth in Online Learning
The global pandemic and subsequent lockdowns have accelerated the adoption of online learning platforms like Byju’s. With schools closed, students turned to digital education, resulting in a surge in Byju’s user base. The company now boasts over 57 million students on its platform, highlighting the increased demand for digital learning solutions.
Financial Performance Amidst Lockdown
Byju’s impressive financial performance during the lockdown period underscores its resilience and adaptability. The company reported a significant revenue boost in FY20, reaching ₹2800 crore. Notably, Byju’s continued to generate revenue during the lockdown months, with April sales amounting to ₹340 crores and May sales totaling ₹370 crores.
In summary, Byju’s successful fundraising endeavors, strategic acquisitions, global expansion plans, and resilient performance during the pandemic position the company as a leader in the edutech sector, poised for continued growth and innovation.
