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Education technology startup BYJU today said that it has raised $540 million by Naspers Ventures.
Byju Raveendran, Founder & CEO, BYJU'S - The Learning App said, "This partnership will strengthen our ability to deliver on our vision to build the world's largest education company. India has the largest school-age population in the world and Indian households are willing to invest a lot in their children's education because a good education is the best path to success. I believe the importance of quality education among the entire population in India fueled our ability to create an engaging and high-impact learning app."
The new round of funding will drive the BYJU'S team to further innovate, explore and set new benchmarks for tech-enabled learning products.
Byju further added, "While near-term profitability is important for us, as a company our main focus continues to be on long-term sustainable growth. The edtech industry is undergoing massive shifts; students today want to learn through engaging and interactive methods."
Meanwhile, the company has aggressive plans for international market expansion and will make bold investments in technology that will help to further personalize learning for students.
"Naspers partners with high-potential companies that are tackling big societal needs like education, which represents a significant sector ripe for disruption across the globe," said Russell Dreisenstock, Head of International Investments, Naspers Ventures.
Russell said, "With the largest school-age population in the world and a growing middle-class with the willingness to commit significant resources towards quality education for their children, BYJU'S is perfectly positioned to provide an effective supplemental education solution for students across India. We partnered with BYJU'S because we believe the company's success in India will translate across borders in any country where students are looking for an innovative and engaging form of education beyond the classroom."