While the covid-19 epidemic sent the world into a deep bust, it also served as a turning point for online education. The rise of e-learning systems has become one of the strongest sketches of the current times. Over the past two months, it has seen a massive increase in users and traffic.
The Covid-19 time aided Byju's in meeting the goals. And it helped to cross the huge price threshold in a very short period. The Bengaluru-based brand landed the new agreement. It joined US investors. And thus noted an increase in the number of students joining their platform. The old students also spent more hours online due to the covid. Byju's, who became a unicorn in 2018. It has only been a decacorn in no less than two years.
Byju's speaks to invest more than $600 million. It prepares students for UG and graduate-level courses. And it has of late widen its list to include all students in school. Tutors on Byju's app use real-life objects like food and cake to teach complex subjects.
The covid step up its growth. It also helped other online learning start-ups such as Unacademy and Vedantu. And this happens as the schools remain to close schools for months due to the covid.
The new funds will be used to get more startups. It is now in talks with a US-based firm. The name of which is still not disclosed. And is planning to buy Indian physical coaching institute Aakash. It also purchased WhiteHat Jr. It is an online coding class for kids in India and the US.
It now has over 80 million users, with 5.5 million paying users. Last year, Byju's, which is profitable, made over $100 million in gain in the US.
Its current worth is $800 million. it may soon reach $1 billion in the next 12-15 months. It is now the second-best startup. First is Paytm, which raised $16 billion in its previous round of funding.