According to Bloomberg’s latest report, Byju’s founder and CEO Byju Raveendran is India’s newest billionaire. A former schoolteacher, Byju Raveendran joined the Billionaire club after his Think & Learn raised $150 million earlier this month at a valuation of $5.7 billion.
He holds 21% in the company that is backed by names such as Naspers Ventures, Tencent Holdings and Sequoia Capital.
Byju grew up in a village on India’s southern coast where his parents used to teach in schools. He became an engineer and started helping friends crack entry exams to India’s top engineering and Management schools. This gave him the idea to start this company.
The popularity of BYJU’s can be guessed by the fact that the Ed-Tech company is replacing OPPO as the official sponsor of Indian cricket team soon. Also, the company has plans to associate with Walt Disney to expand to the US by 2020. By then, it also expects revenues to almost double to Rs 3,000 crore.
Online learning is booming in India and a lot of its credit goes to platforms like BYJU’s. With internet usage exploding, the need for such platforms will keep on increasing because of cheap smartphones internet plans. According to reports, India’s online learning market will reach $5.7 billion by 2020.