Byju's, online learning app, bags $150 mn from Qatar Investment Authority; here is what it is for

The online learning app, Byju's confirmed that it has received an investment of $150 million from Qatar Investment Authority (QIA)  on Wednesday. The Qatar Investment Authority is Qatar's state-owned holding sovereign wealth fund company. 

The new round of investment would support the competitive plans of international market expansion of Byju's and the creation of world-class learning products for students across the globe. This first-ever primary investment from QIA and Owl Ventures in India will aim at boosting innovation in the tech-enabled learning space, IANS report mentioned in its report. 

Byju Raveendran, Founder and CEO, said that "We are happy to have strong partners like QIA and Owl Ventures on board with us. Investment from prominent sovereign and pension funds validates our strong business fundamentals. Indian ed-tech firms attracting interest from eminent investors demonstrates that India is pioneering the digital learning space globally." 

This partnership will support and strengthen the vision of Byju's in creating and delivering personalized learning experiences to students. The online learning company has More than 3.5 crore subscribers and 85 per cent annual renewal from small towns and cities which shows the acceptance of online learning as a primary tool for learning at home. 

Byju's tripled its revenue to Rs 1,430 crore in FY 18-19 and also become profitable on a full-year basis. It has already crossed Rs 200 crore in monthly revenue and is estimating revenue of over Rs 3,000 crore for this year.