India’s newest billionaire is a former classroom teacher who developed an education app that’s grown to a valuation of almost $6 billion in about seven years.
Byju Raveendran joined the rarefied club after his Think & Learn Pvt scored $150 million in funding earlier this month. That deal conferred a value of $5.7 billion on the company in which the founder owns more than 21%, people familiar with the matter said. Its closing coincided with the announcement that the company’s Byju’s app — named after the founder — will team up with Walt Disney Co. and taking its service to American shores by early 2020.
The 37-year-old entrepreneur — who has said he wants to do for Indian education what the Mouse House did for entertainment — is taking his biggest step yet geographically and creatively. In his new app, Disney staples from The Lion King’s Simba to Frozen’s Anna teach math and English to students from grades one through three. The same characters star in animated videos, games, stories and interactive quizzes.
“Kids everywhere relate to Disney’s Simba or Moana, who grip kids’ attention before we take them through the loop of learning,” said Raveendran, also chief executive officer.
India is going through a dramatic period of wealth creation — and destruction. A new breed of self-made entrepreneurs is joining the ranks of the well-heeled, helping the country’s ultra-rich population grow at the world’s fastest pace. Raveendran, at least on paper, assumes his place among those parvenus thanks to his effort in internet education.
Online learning is booming, perhaps nowhere more so than on Byju’s home turf, where internet usage is exploding because of the ubiquity of cheap smartphones and cut-price wireless plans. India’s online learning market is expected to more than double to $5.7 billion by 2020, according to the government-backed India Brand Equity Foundation.
Education technology for kindergarten through 12th grade is one of the fastest-growing segments of the country’s internet market, said Anil Kumar, chief executive officer of Redseer Management Consulting Pvt. “Indian education startups are well set to seize the global opportunity given that they already cater to a large English-speaking base and have created unique education content,” he said.
Byju’s own fortunes have climbed alongside the market. Its revenues are expected to more than double to 30 billion rupees ($435 million) in the year ending March 2020, Raveendran said. That pace of growth has already caught the eye of some of the industry’s biggest investors from Naspers Ventures and Tencent Holdings Ltd. to Sequoia Capital and Facebook-founder Mark Zuckerberg and wife Priscilla Chan.
Those big-name backers buy Raveendran’s vision. The Byju’s founder grew up in a village on India’s southern coast where his parents were school-teachers. He was a reluctant pupil, playing hooky to frequent the football field, then learning on his own at home. He became an engineer and then began helping friends crack entry exams to top Indian engineering and management schools. The classes swelled till he finally began teaching thousands in sports stadiums, becoming a celebrity tutor who commuted between multiple cities during weekends.
He set up Think & Learn in 2011, offering online lessons before launching his main app in 2015. The business has signed up more than 35 million of whom about 2.4 million pay an annual fee of 10,000 to 12,000 rupees, helping it became profitable in the year ending March 2019. That’s when Raveendran began courting long-term investors such as pension funds and sovereign wealth funds — his latest backer is the Qatar Investment Authority. In Byju’s latest funding round, the entrepreneur bought shares to maintain his equity level. Along with his wife and brother, the Raveendran clan now holds a total stake of about 35%, said the people familiar, asking not to be quoted as the matter is private.
Byju’s approach is simple — captivate kids by transforming the content to fit short attention spans. Raveendran has always harbored ambitions to crack English-speaking countries, and has flown in YouTube stars to feature in his videos.
In Disney, he may have found a ready-made audience. All the lessons on the new service with Disney are set in the context of the entertainment giant’s classics and stay true to the narrative. To explain temperature, the app sets up a scene where Frozen’s Elsa falls ill because she constantly plays with snow. Anna gets out the thermometer to gauge her fever and a little story is then built around heat and cold. Or, to learn shapes, young learners dive into the story of Cars where they have to sort items like tires, traffic cones and billboards into buckets to learn about round, triangular and rectangular shapes.
“We are customizing Disney Byju’s to the American and British school curriculum,” Raveendran said. “The characters have universal appeal.”
Delhi: Businesses can now remain open 24×7, over 300 applications cleared by L-G
From restaurants to transport services and BPOs to online delivery services, all those who apply for exemptions will be allowed to operate 24×7 in Delhi starting next week, with Lieutenant Governor V K Saxena approving the proposal to exempt 314 such places to operate all day long, some of them pending since 2016, officials said.
“The L-G has directed that notification to this effect be issued within seven days. The decision of providing exemption under Sections 14, 15 & 16 of the Delhi Shops & Establishment Act, 1954, is expected to boost employment generation and promote a positive and favorable business environment that is a prerequisite for economic growth. The decision will also provide a fillip to the much desired ‘nightlife’ in the city,” said an official.
Swiggy Instamart figures, Mumbaikars ordered 570 times more condoms in the last one year
Customers are also ordering medical-related things through online shopping platforms. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year.
These days people are doing online shopping fiercely in the country. Through Grocery Service Platforms, the goods of need are easily reaching people’s homes. From vegetables to medicines, just a few clicks on the smartphone are reaching people’s doorsteps. According to a survey, Swiggy Instamart has provided service to more than 9 million users between June 2021 and June 2022. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers.
Healthcare products orders
Customers are also ordering medical-related things through online shopping platforms. According to a survey, Mumbaikars have ordered 570 times more condoms in the last 12 months. At the same time, in 2021, Instamart received orders for about two million sanitary napkins, menstrual cups, and tampons. Apart from this, a lot of orders have also been received for grocery items.
56 lakh packets of noodles ordered
According to the survey, between April and June last year, there was a 42 percent increase in the demand for ice cream in these metro cities. It was also learned that most of the orders were placed after 10 pm. In metro cities, people have ordered 5.6 million packets of instant noodles. In Hyderabad, users ordered around 27,000 bottles of fresh juice during the summer months.
60 lakh eggs ordered
The demand for eggs has increased manifold in the last two years. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year. According to the report, customers from Bangalore and Hyderabad ordered the maximum number of eggs for breakfast. At the same time, people of Mumbai, Jaipur, and Coimbatore have ordered the maximum number of eggs online at the time of dinner.
Demand for dairy products
There has been a huge jump in orders for both tea and coffee. According to the report, there has been an increase of 2,000 percent in its demand. At the same time, 3 crore orders of milk have come for milk. People from Bangalore and Mumbai have placed more orders in the morning. Regular milk, full cream milk and toned milk are the most ordered dairy products.
Ordering fruits and vegetables
Orders for 62,000 tonnes of fruits and vegetables have been received in the last year. With 12,000 orders, Bengaluru tops the list of organic product buyers. At the same time, Hyderabad and Bangalore together have ordered more than 290 tonnes of green chilies in 12 months. Over 2 lakh orders have been received for bathroom cleaners, scrub pads, drain cleaners, and more in the last year.
Zepto, 10-minute grocery delivery app, raises $100 million
Only five months subsequent to dispatching, 10-minute basic food item conveyance application Zepto on Tuesday reported it has raised $100 million driven by Y Combinator, taking its valuation to $570 million.
Other than the raise money, Zepto has been developing staggeringly rapidly and is significantly increasing its client base consistently.
In the course of recent months, Zepto has extended past Mumbai by dispatching in Bengaluru, Delhi, Gurgaon, Chennai, Hyderabad, and Pune (Kolkata to follow), the organization said in an assertion.
“Financial backers are reliably deciding to back Zepto due to our top tier execution. This is giving us extraordinary energy – we’re developing at an amazing rate, clients are adoring the item experience, our center unit financial matters are solid, and we have one of the most outstanding startup groups in India today,” said Aadit Palicha, Co-Founder and CEO.
The Series C raising money round saw support from new and existing financial backers, including Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital, Contrary Capital, and that’s just the beginning.
The round came 45 days later the organization reported its $60 million raise money in November.
Conveying food in a short time is a game-changing encounter for clients in the nation, and a few players are presently joining the race.
“We are eager to twofold down and lead this round in Zepto. They initially dispatched with an alternate model, quickly turned to speedy trade in August 2021, and are presently adding 100,000 new clients consistently, 60% of the ladies,” said Anu Hariharan from Y Combinator.
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