Bengaluru-based education tech startup BYJU's has pipped cab aggregator Ola to become India's third-largest unicorn (a startup valued over $1 billion) after it raised $200 mn in a funding round from Tiger Global Management, according to a report by Business Standard.
The recent funding pushed BYJU's valuation to around $8 billion, recording nearly 50 per cent jump in its valuation in just around nine months. Byju's is now next only to Paytm and OYO, which are valued around $16 billion and $10 billion, respectively.
Also read — Tiger Global invests $200 mn in BYJU’S
The firm had reported revenues to the tune of Rs 1,480 crore in FY 19. In regulatory filings sourced by business intelligence platform Paper.VC last month, the company had reported a reduction of loss to Rs 8.82 crore in FY 19 from Rs 37.15 crore in FY18, documents sourced by Paper.vc showed.
According to the filings, on a standalone basis, the company registered a profit of Rs 20.16 crore in FY19, compared to a loss of Rs 28.65 crore in previous fiscal.
The standalone revenue from operations increased to Rs 1,281.08 crore in FY19 from Rs 460.87 crore in the preceding fiscal.
"We are happy to partner with Tiger Global. They share our sense of purpose and this partnership will advance our long term vision of creating an impact by changing the way students learn," Byju Raveendran, Founder & CEO said.
Last year, it had launched a product for young learners (Grades 1-3) and is also working on launching programmes in vernacular languages. Byju also plans to start online tutoring soon.
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