Let’s start with the recent funding round at Byju’s. This round secured funds worth over $400 million for the startup shooting its valuation upwards of $ 4billion. With such astonishing valuation, it also reached the 4th spot among the Indian Unicorns behind Paytm, Ola Cabs and Oyo Rooms.
The role of Byju’s is crucial to understand because it has changed the way Indian parents have been visualizing education since the last century. Since generations, parents, teachers and the education system as a whole have been forcing the kids to mug up most of the school textbooks. This resulted in India becoming a country with one of the largest educated youth population in the world. However, the majority of these youth were unemployable due to the inefficiency in their school or college education. Students desired for more and more marks and lacked real interest in actually understanding the concepts.
On one hand, India was rapidly rising in the ranks of the mobile internet sector while on the other hand, the education sector was hitting an all-time low. Byju’s tried to capitalize on this opportunity to modernize the way students learned. A small offline coaching centre was what Byju’s started in the Indian IT hub, Bengaluru.
Slowly and gradually, its popularity grew and it launched an app in 2015 to reach out to maximum people. Over the years, it has received huge investments from the global giants such as Chinese giant Tencent, USA’s Chan-Zuckerberg Initiative, Verlinvest, Sequoia Capital, Lightspeed Venture Partners, Aarin Capital and so on. The recent investment is pretty big in itself as it marks the reopening of the investment overdrive. Byju’s has given confidence to the app developers in the Indian education system as other players too are benefitting from the environment. Startups such as Vedantu and Unacademy are becoming famous among Indian students and parents alike.
One of the major achievement of the application is its collaboration with the famous Discovery Channel from the United States. Discovery is quite popular among the Indian youth and they like to watch the shows, which was very informative. Byju’s along with Discovery designed India’s largest quiz show to date and it changed the face of the Indian quizzing societies. This brought the application into the global limelight.
Parents have now understood that it is next to impossible to part children from smartphones, tablets or televisions. To make the best use of this issue, Indian parents are turning to these educational apps especially Byju’s for students below class 10th. The app is available on Android and iOS stores which can be used across devices such as smartphones, tablets, smart TVs etc. The benefit of these apps is that it takes the traditional method of teaching away from the education system and fills the void with new and interactive methods. This way the students are constantly engaged and the interest is maintained. Students can grasp the concepts instead of just memorizing each and every word. The rise of Byju’s indicates a growth curve in the Indian education industry which might open ways for the specific course based applications to be launched in the Indian market. One interesting fact is that the company claims to be one of the few Indian unicorns that are profitable. The future of the company currently looks on the brighter side until it intentionally does something very wrong.