Raveendran, who started out focussing on teaching students mathematics and science, believed that technology could be applied to teaching every subject. “We started with math and science but we are also working on other subjects coming out in the mid-to-long term. Every hour of content we do it’s like we are creating a movie. We can’t do short-cuts. But all subjects can be taught,” he added. Byju’s was selling online learning modules for a fee and the content of the modules could be consumed on smartphones, tablets, and desktops. It had its own repository of content, which was prepared by thousands of teachers and experts, as well as content for entrance examination preparation. Initially, Raveendran created the material (pre-recorded video lessons) and later he continued to work on providing more content. ..

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INVESTMENT AND GROWTH

Raveendran’s insights into the education market, his clarity on the business plan, and his vision for the future helped the company attract global investors. In March 2016, Byju’s raised US$75 million in Round C led by Sequoia Capital and Belgium-based investment company Sofina. In September 2016, the Chan Zuckerberg Initiative led a US$50 million Series D round investment in the company. By then, Byju’s had more than 250,000 paid subscribers. In December 2016, it added US$15 million in a Series E round from the International Finance Corporation, in exchange for a minority stake. Between 2007 and 2017, Byju’s became India’s most funded EdTech start-up with an equity base of US$200 million. .

ROAD AHEAD

Sector analysts observed that quality education was not equally disseminated in India and this fueled the need for e-learning modules. There was an urgent need for exploring online education in India, they said. Roman Saini, co-¬founder of Unacademy , said “The education divide in India with respect to quality and accessibility has existed for far too long. It is difficult for the existing physical infrastructure to meet the learning needs of the burgeoning population of our country which will touch 1.5B by 2030 and 1.7B by 2050 (equal to the population of China and USA combined). Digital is gaining acceptance across numerous sectors and it is only right that the education sector too reaps benefits of this digital transformation.” ..

EXHIBITS

Exhibit I: Most Valued Private Internet Companies in India (As of December 2018)
Exhibit II: Byju`s vs. Global Peers (As of December 2018)
Exhibit III: Byju`s`s Acquisitions (2017-2019)
Exhibit IV: Top Five Valued Internet Start-ups in India (As of March 2019)
Exhibit V: Top Competitors of Byju’s in 2019