Bengaluru-based edutech startup BYJU’S announced on Wednesday that it has received an investment of $150 million led by Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar. The funding round also includes participation from Owl Ventures, an educational tech investor.
The latest funding round will support BYJU'S plans of expansion into the international market, the company said.
Byju Raveendran, BYJU’S Founder & CEO, said, “We are happy to have partners like QIA and Owl Ventures on board. Investment from prominent sovereign and pension funds validates our strong business fundamentals. Indian ed-tech firms attracting interest from eminent investors demonstrates that India is pioneering the digital learning space globally."
He said, “High adoption and 85% annual renewal from small towns and cities shows the increasing acceptance of digital learning as a primary tool for learning at home. This partnership will support and strengthen our vision of creating and delivering personalised learning experiences to students. This will help us explore and leverage our expertise in creating tech-enabled learning programs for students in smaller cities, regions and newer markets.”
BYJU’S offers learning programmes for students in classes 1 to 12. It has acquired Osmo, a Palo Alto-based education game making company recently. The company is estimating to touch the Rs 3,000 crore revenue mark this year.
“This investment underscores QIA’s strong commitment to the education sector and our focus on investing in leading innovators in the TMT industry globally,” said Mansoor Al-Mahmoud, CEO of QIA, in a statement.
