Byju’s recently acquired augmented reality kids game maker Osmo for $120 million, which has a big audience among kids in the U.S., as part of a global expansion. The new round will help Bengaluru, India-based Byju’s expand faster.
The Qatar Investment Authority is the sovereign wealth fund of the State of Qatar. The round also includes the participation from Owl Ventures, an education technology investor. This is Owl’s first investment in an Indian company.
“We are happy to have strong partners like QIA and Owl Ventures on board with us,” said Byju Raveendran, CEO of Byju’s, in a statement. “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.”
He added, “High adoption and 85% annual renewal from small towns and cities shows the increasing acceptance of digital learning as a primary tool for learning at home. This partnership will support and strengthen our vision of creating and delivering personalised learning experiences to students. This will help us explore and leverage our expertise in creating immersive tech-enabled learning programs for students in smaller cities, regions and newer markets.”
Byju’s wants to be at the intersection of technology, media, and content in education.
“This investment underscores QIA’s strong commitment to the education sector and our focus on investing in leading innovators in the TMT industry globally,” said Mansoor Al-Mahmoud, CEO of QIA, in a statement.
Byju’s offers learning programs for students in first grade through 12th grade in India.
“With the world’s largest school-age population of 260 million, India’s education sector is at an inflection point,” said Amit Patel, managing director of Owl Ventures, in a statement. “Byju’s has been at the forefront of providing quality auxiliary education to new-age learners. This new partnership with BYJU’S reinforces our commitment to creating the best and most unique learning journeys for every student.”
Recently, the company acquired Osmo, a Palo Alto-based education game making company. Byju’s: The Learning App has 2.4 million annual paid subscriptions and more than 35 million registered students.