In July 2019, the Bengaluru, India-based educational technology and online tutorial firm, Think and Learn Private Ltd. (popularly known as Byju’s), announced that its valuation had risen to US$5.5 billion from US$3.5 billion in December 2018. This made Byju’s the most valued EdTech company in the world. The increase in valuation happened after the company went in for a Series F funding of US$540 million from South African media giant` Naspers, Canada Pension Plan Investment Board, and private equity giant General Atlantic.

Although such valuation jumps within a single round were exceptional, it was the company’s rapid growth that had made it possible. Byju’s witnessed 100% growth year on year for the three years 2016-2018, and it also turned profitable in financial year 2019. “It is likely that it is commanding steep increases in valuation on a month-on-month basis, not year-on-year, as other startups might,” Vivek Durai, founder of Paper.vc, said. With this valuation, Byju’s became the fourth most valued startup in India after Flipkart, Paytm, and Ola...

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