Byju’s, India’s largest education technology startup, has crossed the Rs 1 billion monthly revenue mark and is looking to close the fiscal year with a revenue target of Rs14 billion.
The three-year old company, backed by the Chan-Zuckerberg Initiative, Tencent, and Sequoia Capital among others, said it has seen a consistent growth rate of around 100 per cent for the last three years, and has become profitable in a very short period of time.
“Last month (May), we crossed Rs 1 billion in revenue. With a consistent 20 per cent month-on-month growth, we expect to finish this year with Rs 14 billion in revenue,” said Byju Raveendran, Founder & CEO, Byju’s.
“The launch of the personalized version of our app last year, further helped us boost engagement and enhanced the learning experience for our students.”
Its learning app has 20 million registered students and 1.26 million annual paid subscribers. The app also sees an addition of 1.5 million registered students every month. The online tutoring firm has so far raised $200 million and became a member of the unicorn club earlier this year, joining the likes of cab aggregator Ola, e-commerce company ShopClues, and digital wallet company Paytm.
“Our model is creating a new segment, it’s simply not a cut-copy-paste of some model from the US or China. Even countries which are way ahead of in digital infrastructure and physical infrastructure haven’t created something like this, which is why it’s very exciting for global investors’ point of view,” Raveendran had told in an earlier interview to Business Standard.