Online education provider Byju’s said that it had raised a new round of funding from Tencent, the Chinese Internet company.
In a statement, Byju’s said the undisclosed amount would help accelerate product development for new markets and enable growth through acquisitions.
The company said nine million students were currently learning through its app, which was unveiled in 2015. It had more than 4,50,000 annual paid subscribers, it added. The firm had seen more than 100% growth, with revenue growing from ₹115 crore in FY16 to ₹260 crore in FY17, according to the statement. The firm said it also turned profitable last quarter.
“Byju’s has emerged as the clear leader in the Indian education-tech sector,” said Hongwei Chen, Executive Director of Investment and Mergers and Acquisitions at Tencent, in a statement.