Four months after it raised $75 million, ed-tech firm BYJU’s Learning App, is in the back in the market and is process of raising $50 million.
“The freshly raised funds will be deployed to fuel international expansion and inorganic growth through global acquisitions. The markets where the company has presence already are India and the Middle East, and will enter United States, UK and other Commonwealth countries over the next few months,” the company said in a statement.
The company did not mention the name of the potential investors or by when it aims to close the round. However, according to IFC, exiting investors are also likely to be participating in the round.
Founded by Byju Raveendran in 2011, Bengaluru-based BJYU’s offers learning programmes for class VI to XII students and preparation programmes for competitive exams. It offers its educational products in over 100 cities across India and parts of the Middle East.
According to the company, BYJU’s Learning App is already profitable in India with month-on-month growth of 15 per cent, while the revenues for June 2016 stood at Rs 30 crore ($4.5 million).
“We are seeing strong inbound interest from multiple investors over the last few months, thanks to our explosive growth. We are keen to bring in partners who will catalyse the next stage for us,” Byju, Founder and CEO, BYJU’s Learning App said.
BYJU has emerged as the top investment grosser in the education technology sector, that is yet to attract much investor attention.
As per data provided by Tracxn, in the first quarter of 2016, the ed-tech space has raised $77 million. Edtech has not been among the hot startup sectors in the last two years. Out of nearly $8 billion in venture funding in Indian startups last year, only $114.7 million went towards edtech companies.
Also, Toppr, which offers assessments and practice packages for competitive exams, raised $10 million in 2015 from Eight Roads Ventures, Helion Venture Partners and SAIF Partners, followed by a venture debt round of $2 million from InnoVen Capital.