Byju is set to raise an additional $50 million which will be used for international expansion through acquisitions, the company said on Sunday.
This comes on the heels of the company raising $75 million from Sequoia Capital & Sofina in March. Apart from India and the Middle East, where it is present, the company will also enter United States, UK and other Commonwealth countries over the next few months, it said.
“We are seeing strong inbound interest from multiple investors over the last few months, thanks to our explosive growth. We are keen to bring in partners who will catalyse the next stage for us,” founder and chief executive Byju Raveendran said.
Byju’s funding comes at a time when investor interest in the sector is on the rise. For the year ended March 31, edtech companies in India had raised $85 million out of which $75 million was raised by Byju. Byju’s app, launched in 2015 and claimed to have been downloaded more than 5 million times, offers online programs for competitive exams such as CAT, IAS, GRE and GMAT. The firm, which converts lessons into video format with the use of graphics to explain concepts, says it has over 200,000 paid subscribers.
The company has raised $95 million across three rounds of financing and counts Manipal Group and Aarin Capital, which is backed by Ranjan Pai and T V Mohandas Pai, among its earliest investors. Byju’s revenue for June was Rs 30 crore and the company claims it is already profitable in India with a month on month growth of 15%.