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Wednesday, March 29, 2017

Byju's learning app raised undisclosed amount of funding from Verlinvest

Byju’s had raised an undisclosed funding from Belgium based venture firm Verlinvest. The company said it will use the funding for fuelling international expansion and acquisition plans.

Byju's CEO Byju Raveendran said, In the last 18 months, we have witnessed exponential growth in India. While these numbers are very exciting, there is a long way to go before we can call it a revolution. The fact that we are still reaching to less than 1% of the student population, shows the immense potential and the impact we can create.

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The Bengaluru based startup has already presented in India and Middle East and is looking to expand USA, UK, South Africa and other African and Commonwealth markets.

Byju's targets students from classes four to 12 (K-12) and those taking competitive exams like JEE, NEET, CAT, IAS, GRE and GMAT. Byju’s The Learning App makes use of original content, graphics and other video tools to explain concepts and theories that makes learning contextual and visual, not just theoretical. It leverages technology and data science to make learning personalised so that the students will know what to learn, when to learn, how to learn, how much to learn, and how fast to learn.

The startup has already raised around $174 million in funding, before this round, from investors such as the Chan Zuckerberg initiative, Sofina, Sequoia, Lightspeed Ventures and Times Internet Ltd.

Around eight million students are learning from the Byju's app today, with close to 4,00,000 paid annual subscriptions till date and the renewal rates are at around 90 percent.

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