BENGALURU: Bengaluru: Byju’s, India’s most valued ed-tech company, has raised $150 million in its latest round of funding led by Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar.
The round also saw investments from Owl Ventures, a Silicon Valley-based venture capital fund.
This is the maiden investment in an Indian startup by Owl, which invests in education technology companies globally, Byju’s said in a statement on Wednesday.
The funds will help Byju’s expand into international markets and create learning products for students across the globe.
“This investment underscores QIA’s strong commitment to the education sector and our focus on investing in leading innovators in the TMT (technology, media and telecom) industry globally," said Mansoor Al-Mahmoud, chief executive of QIA.
The online tutoring app is beginning to position itself as an ed-tech leader standing at the intersection of technology, media and content in education. Bengaluru-based Think and Learn Pvt. Ltd, which runs Byju’s, grew its revenue threefold in FY19 to ₹1,430 crore and turned profitable on a full-year basis.
Byju’s has already crossed ₹200 crore in monthly revenue and expects revenue of more than ₹3,000 crore this fiscal year.
“Indian ed-tech firms are attracting interest from eminent investors, which demonstrates that India is pioneering the digital learning space globally. High adoption and 85% annual renewal from small towns and cities show the increasing acceptance of digital learning as a primary tool for learning at home," said Byju Raveendran, founder and chief executive, Byju’s.
In December, Byju’s raised $540 million in a funding round led by South African media conglomerate Naspers. Canada Pension Plan Investment Board (CPPIB) also took part in the round.
“With the world’s largest school-age population of 260 million, India’s education sector is at an inflection point. Byju’s has been at the forefront of providing quality auxiliary education to new-age learners. This new partnership with Byju’s reinforces our commitment to creating the best and most unique learning journeys for every student," said Amit Patel, managing director, Owl Ventures.