Education technology startup Byju's has become the largest unicorn in India, surpassing Paytm, according to media reports.
Byju's has received a total of US$340 million from investors including UBS Group, Zoom founder Eric Yuan, Blackstone, Abu Dhabi Developmental Holding (ADQ) and Phoenix Rising-Beacon Holdings, with its value estimated at US$16.5 billion, surpassing Paytm's US$16 billion, according to Economic Times and Nikkei Asian Review.
The rise of Byju's shows the growing impact of education technologies in the wake of the coronavirus pandemic. The global education technology and smart classroom market saw its value increase 14.7% on year to reach US$85.29 billion in 2020 and will grow further to US$98.19 billion in 2021 to reach US$302.46 billion by 2028, with a CAGR of 17.4% for 2021-2028, according to data from Fortune Business Insights.
Byju's claims its platform has 80 million users. The number also includes 550,000 subscribers that pay annual fees.
Byju's is also planning to raise more funds to expand its business and spent US$1 billion acquiring Aakash Educational Services in April. The company reportedly is also looking to acquire Great Learning and Gradeup in India.
