Delhi, 17th December, 2018 – BYJU’S, creator of the popular K-12 learning app, announced today that Naspers, a global internet and entertainment group and one of the largest technology investors in the world is leading a USD$540 million investment, with a significant portion also being contributed by the Canada Pension Plan Investment Board (CPPIB).
The new round of funding will drive the BYJU’S team to further innovate, explore and set new benchmarks for tech-enabled learning products. The company has aggressive plans for international market expansion and will make bold investments in technology that will help to further personalise learning for students.
Talking about this new milestone and investment, Byju Raveendran, Founder & CEO, BYJU’S – The Learning App said, “We are happy to have prominent and long-term partners like Naspers and CPPIB on board with us. This partnership will strengthen our ability to deliver on our vision to build the world’s largest education company. India has the largest school-age population in the world and Indian households are willing to invest a lot in their children’s education because a good education is the best path to success. I believe the importance of quality education amongst the entire population in India fueled our ability to create an engaging and high-impact learning app.”
Byju further added, “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.”
“Naspers partners with high-potential companies that are tackling big societal needs like education, which represents a significant sector ripe for disruption across the globe,” said Russell Dreisenstock, Head of International Investments, Naspers Ventures. “With the largest school-age population in the world and a growing middle-class with the willingness to commit significant resources towards quality education for their children, BYJU’S is perfectly positioned to provide an effective supplemental education solution for students across India.We partnered with BYJU’S because we believe the company’s success in India will translate across borders in any country where students are looking for an innovative and engaging form of education beyond the classroom.”
Frank Su, Head of Private Equity Asia at CPPIB said “CPPIB is an active and long-term investor in India, with C$8 billion of capital invested in the country across multiple sectors. We have extensive investments and experience across education and technology globally. BYJU’S is a leader at the intersection of education and technology and has established a market-leading position, with a long term sustainable growth plan across content, subjects, languages and geographies. We are excited about the investment, and look forward to a successful partnership in the future.”
Launched in 2015, BYJU’S Learning App is the leader in offering personalised learning programs for school students in India. With 30 million students cumulatively learning from the app and over 2 million annual paid subscriptions, BYJU’S has witnessed phenomenal growth. The learning app sees an engagement of an average 64 mins from students daily. The company has been growing at 100% for the last 3 years, and is on target to triple it’s revenue to 1400 crores this year.