The rapid expansion of the Byju's App, which has grown in valuation to almost $6 billion, has reportedly increased the wealth of its founder, Byju Raveendran, making him India's new addition to the billionaires' club.
A Bloomberg report citing sources said that the Think and Learn Private Ltd, (that runs the BYJU's app) received fresh funding of $150 million earlier this month, raising the educational technology company's valuation to $5.7 billion.
As a result, the 37-year old founder, who owns over 21 percent stake (according to Bloomberg) in the company, will see an increase in his wealth.
Byju Raveendran is a trained engineer who used to give mathematics coaching to students. He then started coaching students to crack top Indian entrance exams, soon gaining popularity for his tutoring skills.
He set up Think and Learn Private Ltd in 2011, wherein, he offered online video-based learning programs. After 4 years of development, in August 2015, the firm launched BYJU's-The Learning App and picked up pace fast enough to be downloaded by 2 million students within the first 3 months of its launch.
The company is now taking its services overseas. It recently announced its tie-up with Walt Disney to launch its services in the USA by early 2020. The new app will have popular Disney characters like The Lion King's Simba teaching mathematics and English to primary school children.