India education technology company Byju, which is based out of Bengaluru, became the second Indian start-up after Paytm to be valued over $10 billion dollars i.e. Rs 75,000 crore, Forbes reported.
The increase in the company’s value happened after a $100 million investment by venture capitalist Mary Meeker’s Bond Capital, the report added.
Byju founder Byju Raveendran also made his debut on Forbe’s World’s Billionaire list earlier this year with a net worth of $1.8 billion. His net worth after Meeker’s investment has now increased to $2.3 billion.
“Endorsed by millions of students, Byju’s has emerged as a clear leader in education technology,” said Meeker in a statement. “We are excited to support a visionary like Byju and his team in their quest to continue to innovate and shape the future of education.” For Meeker, who’s known for her bets on Facebook, Uber and Airbnb, Byju’s is her first investment in India.
“This partnership is a testament to the role that Byju’s is playing in helping students learn better by customizing our platform to their abilities,” Raveendran said in a statement. “It also demonstrates the rising global interest in education technology as digital learning becomes increasingly accepted and embraced.”