KEY TAKEAWAYS: -
- The most significant benefit of using Byju’s is the low cost. Byju’s courses are less expensive when compared to those in major cities.
- It is less expensive than taking lessons at a university.
- Students can learn at anytime from anywhere.
- Students may learn while having fun.
- Byju’s Professors and teachers are highly qualified and student-friendly.
Imagine you are sitting in a crowded classroom and the teacher is explaining an important concept. It seems like everyone understands the teacher’s words and nods in unison, you feel a little out of tune because the explanation is just going through your head. Does this scenario speak to you? Whether you like it or not, such scenarios have occurred at least once in the life of a student. Everyone has their learning speed; a teacher cannot care about everyone in the class. In this scenario, Byju’s found as an opportunity.
Fortunately, the Edtech industry is growing fast enough to fill this gap. Speaking of Edtech in India, one name that cannot be ignored is Byju’s. We have shed some light on the founding of Byju’s and how an engineer’s passion for education led him to found the world’s most trusted Edtech company called Byju’s. Keep reading this article for more details and interesting facts about Byju’s company as a whole for your perusal.
BYJU the Edtech company was founded in 2011 by Byju Raveendran. He is India’s youngest billionaire with a net worth of $ 3.05 billion according to the Forbes list of India’s 100 richest people (2020). BYJUs Learning App launched in 2015 Let’s review BYJU’s exciting journey as the most trusted Edtech company and find out more about its success story.
BYJU's - Company Highlights
Startup Name | BYJU’S |
Headquarter | Bangalore, India
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Founder | Byju Raveendran
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Sector | Edtech
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Founded | 2011
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Valuation | $16.5 Billion (April 2021)
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Total Funding | $2.7 Billion (July 2021)
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Revenue | Rs 2,800 Cr revenue (FY20)
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Parent Organization | Think and Learn Private Ltd
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Website | byjus.com
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About BYJU's and How BYJU's Works
BYJU’s, a Bangalore-based educational technology platform, is an online tutoring and coaching company that was founded in 2011 and operates on a subscription basis. Think and Learn Pvt Ltd is BYJU’s parent firm. BYJU’s major goal is to give online video lectures for kids in grades 1 to 12 as well as for people preparing for competitive exams such as IIT– JEE, NEET, CAT, GRE, and GMAT.
The Learning app from BYJU was launched in 2015 and has been a big success. It has 9,00,000 paid subscriptions and is used by more than 15 million students around the world. Instead, then dependent on spoon-feeding, the software encourages children to learn on their own. Its framework involves learning re-invention, world-class teachers, tested pedagogical methodologies, and personalized learning.
Products and services
Byju’s is a premium education tutoring software that offers free access to information for 15 days after enrollment. It first opened its doors in August 2015, with learning strategies for students in grades 4 – 12. In 2019, an early learning program for grades 1 – 3 was created. It also prepares students for Indian exams such as IIT-JEE, NEET, CAT, and IAS and international examinations such as GRE and GMAT.12-20-minute computer animation videos are used to illustrate academic courses and concepts. Byju’s have a total user base of 4 CR (40 million), 30 lakh (3 million) annual paying customers, and Byju’s retention rate is almost 85% which means customers are highly satisfied with companies’ product and service. The company announced in 2019 that its app would be available in regional Indian languages. It also planned to release an English-language international version of the software.
Byju’s has recently added new activities to its Early Learn App for kindergarten children. The company also announced the creation of “BYJU’S Future School” in April 2021, which would be led by WhiteHat Jr Founder Karan Bajaj. Through storytelling, The Future School aspires to bridge the gap between passive and active learning through an interactive learning platform that involves coding as well as other topics such as Math, Science, English, Music, and Fine Arts. In May, The Future School will launch in the United States, the United Kingdom, Australia, Brazil, Indonesia, and Mexico.
BYJU's Founder
Byju Raveendran is the founder of BYJU’s Classes, an educational technology company whose slogan is “Fall in love with learning.”
The founder and CEO of BYJU’s were born in Azhikode a small village in Kerela, in 1980. He graduated from Government Engineering College in Kannur, Kerela, with a B. Tech in mechanical engineering. Byju Raveendran worked as a service engineer for a multinational shipping company before founding BYJU’s. However, teaching was his true calling, which led him to start BYJU’s.
Byju Raveendran is an expert sportsperson who participates in six different sports in addition to being an entrepreneur and a teacher. At the university level, he participated in football, cricket, table tennis, and badminton. Byju sir, as he is known among his students, has passed the CAT twice with a perfect score. He, on the other hand, never attended any IIM.
How was BYJU's Started?
Byju Raveendran, a native of Azhikode, a small village in Kerala, worked as an engineer for a shipping company in the United Kingdom. While working, he began assisting his friends in preparing for the CAT exam, an entrance exam for admission to India’s top business schools. Byju also took the exam to put himself to the test and obtained a good grade. He did not enroll in any of the IIMs and instead began counseling students in preparation for their mathematics examinations. He took free mathematics workshops at first, but once he was confident in his abilities, he began charging a fee. His workshops were so popular at one point that more than 20000 students attended one of them. He began filming films of the workshops he hosted in 2009, and he hasn’t stopped since.
Former classmates who had graduated from the IIMs pushed him to start BYJU classes. The company ‘Think and Learn Pvt Ltd’ was established to create educational content for kids. In 2015, he released Byju’s – The Learning App, which was downloaded by over 55 Lakhs people.
BYJU's - Name, Logo, and Tagline
BYJU’s tagline is “Fall in love with learning”. Byju’s originally comes from the first name of its founder.
BYJU's - Business Model and Revenue Model
Byju’s operates on a freemium business model, in which it provides both free and paid (premium) services to its clients. The company asks students to fill out an application or visit its website with their information and then gives them a free 15-day trial. Once the free trial period has expired, the student must purchase the courses from BYJU to gain access to the full content. The company gives one-on-one mentoring to its subscribers as well as feedback to the parents of the children. BYJU’s also provides classroom instruction in Noida, Gurgaon, and other cities.
BYJU's - Funding and Investors
According to sources dated June 21, 2021, BYJU’s total funding to date is approximately $2.7 billion, with the latest funding flowing from IIFL and Maitri Edtech. In its most recent round of fundraising, BYJU was valued at $16.55 billion. The Edtech giant appears to be on a fundraising run, having raised $1.5 billion in 2021 alone. It previously raised $350 million from investors including UBS Group, Zoom’s creator, Blackstone, and others.
BYJU’s was the first Asian startup to get Funding from the Chan-Zuckerberg Initiative, which was founded by Facebook founder Mark Zuckerberg and his wife Priscilla Chan in 2016.
A case study on BYJU’s was featured in Harvard Business School’s curriculum in March 2017. From a non-monetary basis, it is undoubtedly one of any company’s greatest achievements. That’s when Byju’s began to operate on a global scale.
Challenges faced by BYJU's
According to Byju Raveendran, the creator of BYJU’s, turning students into paid customers after the free trial period is up is a huge difficulty. The company is also looking for partners to help it expand into other English-speaking countries, which would be the second challenge.
BYJU's - Competitors/ Alternatives
People are rapidly adopting digital technology and e-learning. As a result of this shift, several other companies with a business model similar to BYJU’s are focusing on ed-tech. BYJU’s main competitors are Meritnation.com, Vedantu, Teachable, Khan Academy, Simplilearn, School wise, and Toppr.
BYJU's - Revenue and Valuation
BYJU had revenue of Rs 490 crore in the fiscal year 2017-2018, which increased to Rs 1,430 crore in the fiscal year 2018-2019, for a total of Rs 2,800 crore (FY20).
November 2020 – BYJU’s recent $200 million round of funding headed by BlackRock and T Rowe Price valued the company at $12 billion.
BYJU was valued at $16.5 billion and became India’s most valuable firm in June 2021 after a recent round of funding from UBS Group, Eric Yuan, Blackstone, and others.
BYJU's - Acquisitions
Too far, BYJU’s has purchased a total of 14 businesses. On August 4, 2021, Byju’s bought the last company, Whodat Tech. On July 24, 2021, Byju’s bought Toppr, an e-learning software for competitive test preparation, and Great Learning, an Edtech app.
Byju’s is close to acquiring Vedantu, an online tutoring platform. The Edtech company has already had a busy year of acquisitions, with seven announced so far in 2021, and is expected to make more. According to rumors, the Byju Raveendran-led group has already made a $700-800 million offer for the purchase, which is still pending regulatory approvals. Vedantu has been one of Byju’s most significant competitors, and if the deal goes through, it will be the company’s fourth major acquisition.
BYJU's - Growth
BYJU is a very unique firm that has had a lot of success in the market. It employs strict marketing methods. BYJU’s brand ambassador is Shahrukh Khan, one of Bollywood’s most well-known actors. The company has successfully penetrated the Indian market and has also built a presence in the Middle East. BYJU’s plans to grow to the United States, the United Kingdom, South Africa, and other countries across the world. BYJU’s bought US-based learning platform Osmo in January 2019 to increase its footprint in the United States. In addition, the company has partnered with Disney to offer an early learning app for children in grades 1-3.
BYJU’s was recently in the spotlight for taking a proactive attitude during the coronavirus outbreak. Because numerous schools in India were closed due to the coronavirus outbreak, BYJU has made its learning app available to students for free until the end of April 2020, allowing them to continue learning without any interruption.
BYJU’s goal for the fiscal year that ended in March 2021 was to increase its revenue to $1 billion, which is easily achieved. Furthermore, with the start of the new fiscal year, funds for BYJUs have already begun to flow in. The Bangalore-based business has raised roughly $350 million with the newest round of funding from UBS Group, Eric Yuan, Blackstone, and others This new round of funding, which valued the Edtech behemoth at $16.5 billion in June 2021, vaulted BYJU ahead of Paytm, which was valued at $16 billion, to the top spot, making it India’s most valuable firm.
BYJU's - Latest News
- July 30, 2021 – Byju’s Acquired Great Learning for $600 million.
- June 21, 2021 – BYJU receives an additional $50 million in funding from Maitri Edtech and IIFL (India Infoline Finance Limited)
- June 2021 – BYJU’s is now India’s most valuable startup, overtaking Paytm. The Bangalore-based startup has raised $350 million in a recent round of fundraising headed by UBS Group and Zoom founder, Eric Yuan, Blackstone, and other investors, valuing the company at $16.5 billion.
- April 8, 2021 – BYJU’S introduces the global one-on-one learning platform ‘BYJU’S Future School.’ The new platform will be offered in six countries: the United States, the United Kingdom, Australia, Brazil, Indonesia, and Mexico.
- April 7, 2021 – BYJU’s will soon launch its IPO (Initial public offering) before April 2023
- January 13, 2021 – BYJU has agreed to pay $1 billion for the acquisition of brick-and-mortar test prep giant Aakash Educational Services Ltd. Aakash Institute offers over 200 brick-and-mortar locations and helps students gain admission to engineering and medical colleges.
- November 2020 – BYJU was valued at $12 billion in a recent $200 million round of fundraising supported by BlackRock and T Rowe Price.
- September 2020 – BYJU paid an unknown sum for LabInApp, a business that provides lab-like simulations for scientific students on a mobile app. In addition, BYJU has received $500 million in new finance from Silver Lake.
- August 2020 – BYJU bought the Edtech startup WhiteHat Jr. for $300 million in an all-cash transaction. This makes the 18-month-old Mumbai-based WhiteHat Jr., which provides online coding training to school-aged youngsters in India and the United States, the fastest exit story in the Indian startup scene. For the time being, WhiteHat Jr. will continue to operate as a separate organization.
- June 2020 – BYJU has received funding from the first female-founded venture capital firm, ‘BOND.’ The amount of funding was not disclosed. Mary Meeker, author of the popular ‘Internet Trends’ report and former Kleiner Perkins member, co-founded the $1.25 billion venture capital fund. With this funding, BYJU’s has surpassed Oyo Rooms, to become India’s second most valuable startup.
Conclusion
Byju’s App is noted for providing students with a self-paced learning experience by allowing them to break down complex ideas. To deliver an immersive learning experience, the app employs a variety of modern approaches such as web-based learning, visual graphics, video-based training, and so on. These advances are extremely beneficial to students in terms of understanding basic concepts and preparing for tests. Byju’s app has changed Indian education by efficiently merging Constructive techniques of teaching and learning, according to this study. The software is dynamic, comfy, and effective, according to the majority of responders. However, the study also discovered that some users who are not regular customers of the program are unable to use it effectively for personalized learning. For the average Indian student, regular membership is prohibitively expensive. Byju’s App is working hard to change the educational landscape, and if it can become more inexpensive, it will undoubtedly reach a wider audience.
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Parth Pandya
Content Writer
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Graphic Designer
Parth Panchal
Editor