Qatar Investment Authority, the sovereign wealth fund of Qatar, has led a Rs 1,030-crore ($150 million) investment round in ed-tech company Byju’s. Owl Ventures, a leading investor in the education technology space, has also participated in this round.
Byju’s will use the money to expand internationally and to create learning products for students across the world. The first-ever primary investment from Qatar Investment Authority and Owl Ventures in India will aim at boosting innovation in the tech-enabled learning space, said a press release from Byju’s.
Byju’s offers learning programmes for students from classes one to 12 in India. It recently launched lessons for children in classes 1-3 with Disney Byju’s Early Learn App. Byju’s has acquired Osmo, a Palo Alto-based education game making company.
The company said it tripled revenues to Rs 1,430 crore in FY18-19 and also turned profitable on a full-year basis. It said it had crossed monthly revenues of Rs 200 crore and was estimating revenues of over Rs 3,000 crore this year.
Source: The Hindu