Byju’s is the only Indian name to feature in the world’s privileged unicorns list as of December 2021. TikTok parent ByteDance and Elon Musk’s SpaceX are the only startups valued at over $100 billion. The Byju Raveendran-owned decacorn is presently valued at $21 billion, making it the world’s most valuable edtech startup. Byju’s is followed by Chinese edtech major Yuanfudao, which has a valuation of $15.5 billion.
The Bengaluru-based startup’s climb has been quite remarkable in the last 20 months, where teaching went digital-first due to the compulsions brought about by the COVID-19 pandemic. As a result, Byju’s not solely ramped up its user base and witnessed a quick increase in revenues; it also made a lot of acquisitions worldwide over (8 this year) and raised billions of dollars in venture capital.
According to CB Insights, Byju’s has raised investment of around $5.18 billion since its beginning in 2015. Of this, $1.3 billion has arrived in 2021 alone.
The e-learning company is supported by leading investors such as Tiger Global, General Atlantic, Chan-Zuckerberg Initiative, Tencent Holdings, Sequoia Capital India, Sofina, Qatar Investment Authority, International Finance Corporation (IFC), Lightspeed Venture Partners, Owl Ventures, among others.
Surprisingly, no other Indian startup features in the list of top 50. A distant second at the 54th rank is OYO (valued at $9.4 billion). CB Insights does not count publicly listed corporations as unicorns. Hence, the likes of Paytm, Nykaa, and Zomato (each valued at over $10 billion) don’t feature.
As per Statista, in 2020, the entire market (education and skill development market) was worth $2.8 billion, and by 2025, it is predicted to change drastically, as the general market size will reach $10.4 billion.
Byju’s revenue in 2020 stood at $421.43 million, and its rivals in India include Vedantu (total funding stands at $306.38 million in September 2021), Unacademy ($875.73 million in August 2021) and Eruditus Executive Education ($593.46 million till August 2021).
China’s Bytedance (it manages a dozen creations, including TikTok) is at the number 1 position with a valuation of $140 billion, pursued by SpaceX at $100.3 billion. China’s ed-tech firm Yuanfudao is at the 17th position with a valuation of $15.5 billion.