Byju Raveendran became the newest billionaire after his seven-year-old education app, Byju’s, raised $150 million in a recent funding round.The deal gives Raveendran’s eponymous business a valuation of $5.7 billion, sending his own personal wealth over a billion-dollar threshold. Raveendran holds a 21% stake in the education technology company, which is backed by investors including the Qatar Investment Authority Tencent and Mark Zukerberg of facebook. Consequently, this milestone made him become one of India’s youngest billionaires of all time.
Most worthy of note, he hails from a humble beginning. His parents were teachers; maths and physics, respectively. Also, Raveendran grew up in the village of Azhikode in South India before going to the university. In addition, he discovered his own knack for his flair for teaching, after he once worked as an engineer. Helping friends with their entrance exams earned him a career in teaching before he founded the multi-billion EduTech Company Byju.
Founding of the Multi-Billion EduTech company
The newest billionaire founded the company 2011 alongside twenty-something co-founders. The Learning App is an online education platform for children between the ages of 5 to 16,encompassed with interactive videos, games and quizzes, the platform helps students with everyday classes as well as exam preparation.
Since inception as a start up seven years ago the app has over 35 million users in India of which about 2.5 million pay an annual fee of between $145 to $290 which has made the billion dollar company become the world’s most valuable ed-tech company .
The newest billionaire is set on global expansion. He targets the United states and the United Kingdom. He has a recent partnership with Walt Disney Co.
In addition, he said he wants to do for education what Disney did for entertainment. He wants a collaboration that will help children learn with the help of their favorite characters; by featuring them in their interactive content.