Byju’s, a Bengaluru-based education technology startup, has raised $540 million from investors in its latest round of funding, taking its valuation to $3.6 billion, reports Mint.
The company, started by Byju Raveendran in 2011, raised funds from both existing and new investors. “We are happy to have prominent and long-term partners like Naspers Ventures and CPPIB (Canada Pension Plan Investment Board (CPPIB) on board with us,” Mr Raveendran said.
Commenting on the future prospects of the company, the CEO (Chief Executive Office) added, “India has the largest school-age population in the world and Indian households are willing to invest a lot in their children’s education because a good education is the best path to success. I believe the importance of quality education amongst the entire population in India fueled our ability to create an engaging and high-impact learning app,” said Mr Raveendran.
Byju’s, which now ranks among the most valued startups in the country, attained the ‘unicorn’ tag (startups with a valuation of $1 billion) in March 2018. It is also the world's largest education technology firm. The company, backed by Facebook CEO Mark Zuckerberg’s foundation, will use the funds to expand into international markets like the US, UK and Australia.
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