Byju's, an online learning application was originally started by Byju Raveendran. Byju’s app gained extreme popularity and was evolved into a massive organization through Think and Learn Pvt Ltd in 2011. It is a platform where the lecturers educate students to learn and develop exceptional academic ideas via the app and apprehend them much better when compared to traditional school learning.
The app specializes in mathematics and science thus helping kids all over the country to fall in love with learning and master all the subjects and topics it has to offer.Byju's Business and Revenue model runs on a subscription based method and helps students at large in acomplishing their academic goals.
The organization is a hit as it has precisely catered to the appropriate audience and has done an amazing job at helping students prepare for their entrance or school-college level examinations. The app provides graphically enriched lectures making the topics quite easy for students of all ages to comprehend thus having a better grip on their academic topics. Due to Byju's recorded lecture features students can enjoy learning at their own convenience.
Byju Raveendran is an Indian and belongs from Azhikode, a small coastal village in Kerala. Before Byju's he initially worked as an engineer in a UK-based shipping company. Raveendran was respected among his pals as he helped them crack their entrance exams though his simple and easy to understand tricks, though he accomplished 100 percentile in his own entrance examinations, he rejected the IIM. Challenging the traditional educational system Byju's is evolving into an educational giant helping students at large to enjoy learning.
Byju’s Business Model
Byju’s is a premium educational model wherein a number of the primary academic content is made available to students for free. However, to gain access to much more easy and amazing content the users have to opt for a paid subscription. According to a Dec 2019 report published by Economic Times, Byju’s had accumulated more than 40 million registered customers and 2.8 million paid subscribers.
In the monetary year of 2019, Byju’s Business multiplied to Rs. 1341 crore from Rs. 490 crore in the preceding monetary year, and stated a net profit of Rs. 20 crores. Furthermore, the credit for Byju's success goes to a deeper understanding of the Indian academic industry and providing its users with the best- satisfactory content possible.
By March 31, 2020, Byju’s planned to multiply its revenue to Rs. 3000 Crores considering the profitable fiscal year of 2019. Byju’s planned to launch new products like Byju’s Online Tutoring in order to attain this mark. Millions have been raised by Byju’s and it has been successful in acquiring companies like Math Adventures, TutorVista, Edurite, Vidyartha, and U.S.-based Osmo. Byju’s did not fail to grab Facebook-Whatsapp owner Mark Zukerberg’s attention and his own Chan Zuckerberg Initiative landed up investing $50 million in the company.
In 2019, Byju’s valuation crossed the $5 billion mark with an investment of $25 million from General Atlantic. Before that, Byju’s had raised budget from Naspers Ventures and the Canadian pension fund CPPIB, which had raised its valuation to $3.6 billion from the $1 billion valuation withinside the early economic year of 2018.
Impact of Covid19 on Byju’s Application
Personalized training online was conducted by Byju's during the lockdown. These online classes are intended for students to continue their academics even during the pandemic and get personalized guidance for the same. History, civics, and geography are a few subjects that Byju's began teaching and now is planning to record lessons in vernacular languages. Learning material in Hindi and English is already available in the app.
Divya Gokulnath, the Co-founder of Byju's believes that White Hat Jr, an app that claims to teach kids online coding for $300 million is perfect for the plan. She believes that coding is a necessary future skill which will help our kids accelerate with international expansion. India having the largest school-going population can benefit a lot from this merger wherein a team of experts makes high quality, learning made easy educational content and it reaches every nook and corner of the country benefitting whoever it comes across.
She also believes that technology is a cost-efficient way to solve many of our inefficiencies. It will surely democratize education, and bring high-quality learning to all.School education cannot be replaced simply by online education however, it can help students to learn hard skills and core subjects in a nation that lacks quality school infrastructure and content. There is a chance that a student's educational perspective might completely change due to the big changes such as online learning which will in turn inculcate the habit of self-learning in students.
Byju's Revenue Model
Learning modules for school and college-going students as well as students preparing for their entrance and competitive exams is a facility that Byju's app offers. The videos are created by featuring an instructor who makes tough concepts easier using audiovisual tools. To access the desired course students have to pay the necessary course subscription fees which vary from course to course.The lectures are usually pre-recorded thus enabling the students to download and access them offline at their own convenience.
Sometimes, Byju's offers its course content online through live sessions. Byju operates on a subscription-based revenue model. Byju earns its revenue by charging students the subscription fees for the courses that the company offers. Byju's employs teachers, coaches, and trainers to develop such quality content and create an intellectual property(IPR) base that it owns. Since Byju's functions online, it allows its content to reach many students in need thus adding to its popularity and revenue.
By making more sales, Byju's earns tremendous profit. It is one of the largest Indian web organizations that has a capital productive action plan. The organization secured $ 540 million in grants powered by South Africa's Naspers in December 2018 with a giant valuation of $ 3.6 billion. Byju's disclosed that it had made a considerable profit in the last quarter of 2017.Byju's plans to keep moving forward with its disconnected mentoring and wishes to grow in the US, Australia, the UK, and a few other countries.