The Bangalore based Ed-tech startup Byju’s learning app is all set to triple its revenue to Rs 300 Cr. The one year old startup has been on fund raising spree. It has announced the funding rounds of total $140M from investors like International Finance Corporations (IFC), Chan Zuckerberg Foundation and Sequoia Capital India.
Mr. Byju Raveendaran who an engineer graduated, cleared CAT examination with 100% results. According to sources, Registrar of Company (ROC), the startup has doubled its revenue to Rs 110 crore in FY16 (Financial Year 2016) compared to Rs 44.5 Crore in previous Financial Year (2015).
On his investors Mr.Raveendaran Said “At this level, every app sale is profitable. The best part of the app is, when the user is coming on board and they continue to pay for next years as well and it becomes a hugely profitable. That is why the investors are interested.”
The company is going to use their funds mainly on distribution of salaries, application development and invest on the products. Byju’s are going to hire more people so that, they can create new content. They are constantly marketing through various digital and physical channels to increase their customer base. EdTech startups are seeing good traction in terms of customers and investors. Read more Indian Startup News.