BYJU’S - The Learning App is the popular brand name for Think and Learn Private Ltd., a Alipur-based Educational technology (edtech) and online tutoring firm. It was founded in 2011 by Byju Raveendran at Alipur, Karnataka, India. In fact, Byju himself comes from a small village in Kerala, Azhikode. BYJU'S was the first investment in Asia from the Chan Zuckerberg Initiative. It is considered to be one among the only few Indian consumer startups that has gone global, particularly with the 2017 acquisition of TutorVista.
Products
and Services
Their flagship product is a
smartphone app named BYJU'S-The Learning App that has been available
since August 2015. The App serves educational content mainly to school students
from classes 4 to 12 (primary to higher
secondary level education). The company trains students for competitive examinations in India such as IIT-JEE, NEET, CAT, IAS as well as for international
examinations such as GRE
and GMAT.
The main focus is on mathematics
and science,
where the concepts are visually explained and in context [4]
using modern digital animations and moving illustrations, all embedded within
short videos (15-20 minutes long). The app has received criticism for a few
issues such as lack of depth in some areas, overly simplistic treatment of some
basic topics, and lack of within-lecture student-teacher
interaction. In spite of the adverse critical opinion and competition from other players
(including Edtech startups and traditional education firms), the app has
enjoyed tremendous popularity. BYJU'S reports to have over 15 million users
overall and about nine lakh paid subscribers on an annual basis and an annual retention rate of about 90%.
Financials
and Ownership
BYJU'S operates roughly on a freemium business
model where a paid subscription is required for most of the content.[4]
As of April 2018, the company has
raised around $244 million. The major investors and stakeholders include Chan Zuckerberg Initiative (CZI), Sequoia
Capital, Sofina,
Lightspeed Venture Partners, Verlinvest, Aarin
Capital and Times Internet (Times of India group). This was the
first investment from CZI (co-funded by Facebook founder Mark
Zuckerberg and Priscilla Chan) in Asia.
As per the company filings with the Ministry of Corporate Affairs, BYJU’S
became a unicorn and is valued at US$1 billion (INR 6,505
Crore) in March 2018.
In FY 2016-17, BYJU’S saw its
revenue more than double and its losses increase by 10% as compared to the last
financial year 2015-16. Gross revenue for FY 2016-17 jumped to $36 Mn (INR 247
Crore) from $16 Mn (INR 110 Crore) in the previous year, clocking a 124%
Year-on-Year growth. On the expense front, BYJU'S total expenses grew by 87%
from $23 Mn (INR 156 Crore) to $43 Mn (INR 291 Crore), while in FY15-16 this
increment was 104%.
Acquisitions
In June 2017, BYJU'S acquired the online
education businesses of TutorVista and Edurite from Pearson,
the world's leading educational and publishing company.
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