37-year-old Byju Raveendran, the founder of ‘Byju’s – The Learning App,’ has secured a funding of $150 million a few weeks ago. This deal raised the valuation of his firm to $5.7 billion, making him the newest billionaire. The tutoring app, which was launched in 2015, has been downloaded over 10,000,000 times. The app now has more than 35 million subscribers. Out of these, over 2.4 million pay annual fees between ₹10,000 to ₹12,000.
The growth of his company over time led Raveendran to look for funding from long term investors. His first step was funding from the Qatar Investment Authority. Other huge capitalist giants of the globe, such as Sequoia Capitals, Naspers Ventures, Tencent Holding Facebook founder Mark Zuckerberg showed interest in his app.
Byju also announced a partnership with Walt Disney Corporation. He will launch an application in the US with popular animated characters such as The Lion King and Frozen by early 2020. Byju Raveendran told a publication, “We are customizing Disney Byju’s to the American and British school curriculum. The characters have universal appeal.”
The firm, which was an official new sponsor for the Indian cricket team, was started as coaching classes for students way back in 2006 by Byju Raveendran, an engineer. Named after his own name, the popularity surged which then made Byju start an educational company called Think and Learn back in 2011. He offered online classes to students which eventually led to the creation of ‘Byju’s – The Learning App,’ in 2015. The company is now expected to earn revenue worth $435 million by 2020.