India’s most valued ed-tech company, Byju’s, has announced that it has raised $150 million in its latest round of funding led by Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar.
The deal will be QIA’s first direct investment in an Indian startup. The sovereign fund has also been an investor in Bharti Airtel since 2013.
In March, Byju’s last round of funding valued the company at $5 billion, making it the world’s most valued education technology company.
The Canada Pension Plan Investment Board (CPPIB) and private equity firm General Atlantic (GA) had participated in the funding.
Just three months before that, Byju’s had raised $540 million in a funding round led by Naspers.
The Bengaluru-based company was founded by Byju Raveendran in 2011.
With increased brand awareness and strong adoption among students, Byju’s tripled its revenue to Rs. 1430 crore in FY18-19 and it also turned profitable on a full-year basis.
Byju’s has already crossed Rs. 200 crore in monthly revenue and is estimating revenue of over Rs. 3,000 crore this year.
High adoption and 85% annual renewal from small towns and cities shows the increasing acceptance of digital learning as a primary tool for learning at home.