Bengaluru : Byju Raveendran, an erstwhile classroom teacher, is India’s newest billionaire after his education app grew to a valuation of almost $6 billion in about seven years, Bloomberg reported.
Raveendran joined the elite club following his Think & Learn Pvt raised $150 million in funding earlier this month.
Set up in 2011, Think & Learn offered online lessons before Raveendran launched his main app in 2015.
The app became profitable in the year ending March 2019 due to an annual fee of Rs 10,000 to 12,000 charged to about 2.4 million of its users. The business has signed up more than 35 million so far.
After becoming a profitable app, Raveendran started raising long-term investments such as pension funds and sovereign wealth funds.
In a latest move, he had raised funds from Qatar Investment Authority.
Byju’s revenues are expected to more than double to Rs 30 billion in year ending March 2020.
To make the content interesting, Raveendran has used YouTube stars to feature in his videos.
Raveendran has alraedy announced tying up of Walt Disney Co with his firm, a move to take the service to the US. The new app has Disney characters like The Lion King’s Simba will teach math and English to students from grades one through three.
The same characters star in animated videos, games, stories and interactive quizzes.