Byju’s Overview
Trade Name: Byju’s
Company Type: Private
Industry: Edtech
Founded: 2011
Founders: Byju Raveendran, Divya Gokulnath
Headquarters: Bangalore, Karnataka, India
Area Served: Worldwide
Key People: Byju Raveendran (CEO), Divya Gokulnath (Director)
Products: BYJU’S – The Learning App
Revenue: ₹5,298 crore (US$630 million) (FY22)
Net Income: ₹−8,245 crore (US$−990 million) (FY22)
Subsidiaries: Osmo, TutorVista (rebranded as iRobot Tutor TV STEM), HashLearn, WhiteHat Jr, LabInApp, Scholr, Aakash Institute, Toppr, Whodat, Tynker, Epic!, Great Learning, Superset, GradeUp (rebranded as Byju’s Exam Prep), GeoGebra
Website: byjus.com
Byju’s, stylized as BYJU’S, is an Indian multinational educational technology company headquartered in Bengaluru. Founded in 2011 by Byju Raveendran and Divya Gokulnath, Byju’s offers a comprehensive range of educational services and products through its flagship learning app.
Recent Developments
- Valuation: As of January 2024, Byju’s valuation was around $200 million, down from its peak of $22 billion in 2022.
- User Base: Byju’s claims to have over 150 million registered students as of April 2023.
- Financial Challenges: In 2022, Byju’s faced significant financial challenges, including layoffs and issues with funding. The company was involved in legal disputes over unpaid dues and faced scrutiny over its financial practices.
History and Growth
- Byju’s app, developed by Think and Learn Pvt. Ltd., was launched in August 2015. Initially focused on K-12 education and competitive exams, the app has expanded to include early learning programs and international versions.
- By 2018, Byju’s became India’s first edtech unicorn with 15 million users, including 900,000 paid subscribers.
- In March 2022, Byju’s became a founding member of IAMAI’s India EdTech Consortium and signed a contract with Qatar Investment Authority to establish a new edtech company in Doha.
- The company has made several high-profile acquisitions, including TutorVista, Osmo, WhiteHat Jr, LabInApp, Scholr, Aakash Educational Services Ltd., Epic!, Great Learning, Toppr, Tynker, and GeoGebra.
Acquisitions
Byju’s has invested significantly in acquiring both domestic and international platforms to expand its offerings. Notable acquisitions include:
- 2017: TutorVista (including Edurite)
- 2019: Osmo
- 2020: WhiteHat Jr, LabInApp
- 2021: Scholr, Aakash Educational Services Ltd., Epic!, Great Learning, Toppr, Tynker, GeoGebra
Funding and Financials
- Byju’s received initial funding from Aarin Capital in 2013 and has since secured investments from notable investors including Sequoia Capital India, Chan Zuckerberg Initiative, Tencent, and others.
- The company became a decacorn in June 2020 with a valuation of $10.5 billion and reached $22 billion in March 2022.
- Recent financial struggles include a severe funding crunch, layoffs, and legal disputes.
Philanthropy
Byju’s launched the “Education for All” initiative in September 2020 to support marginalized children, including efforts to refurbish old devices and provide free educational content.
Sports Sponsorships
- 2019: Sponsorship rights for the Indian cricket team jersey
- 2020: Title sponsor of the Indian Super League club Kerala Blasters FC
- 2022: Official sponsor of the FIFA World Cup Qatar 2022
Criticisms and Legal Issues
- Byju’s has faced criticism for high fees, aggressive sales tactics, and misleading advertisements.
- The company has been involved in legal disputes, including issues with foreign exchange regulations and financial practices.
- In February 2024, Byju’s faced bankruptcy proceedings and legal challenges related to undisclosed funds.
Byju’s continues to navigate a complex landscape of rapid growth, financial challenges, and legal scrutiny while striving to maintain its position as a leader in the edtech sector.