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20 December 2018 By Una Galani Follow @ugalani

After raising fresh funds for overseas expansion, the Indian learning app is valued at $3.8 bln and growing fast despite pricey subscriptions. Success feeds off proud parents and lousy schools. On the verge of profit, Byju’s is a reminder that unicorns can grow without subsidies.

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Indian unicorns will feast on richer pastures

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Indian learning app Byju’s said on Dec. 17 that Naspers and the Canada Pension Plan Investment Board had led a $540 million investment into the company. That values the provider of digital education content at $3.8 billion, according to a person familiar with the situation.

The funding will support Byju’s plans to invest in technology and support international expansion. India has the largest school-age population in the world.

Byju’s launched its smartphone app in 2015, offering personalised online programmes for school students in India. The company boosts over 2 million annual paid subscriptions. The company expects to triple its revenue to 14 billion rupees ($200 million) this year.

Byju’s other investors to date include General Atlantic, the Chan-Zuckerberg Initiative, Tencent, Sequoia, and Times Internet. The latter is the digital venture of Times of India, the country’s largest media and entertainment group.

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