Byju Raveendran is an Indian and a mage from Azhikode who came from a small village in Kerala. Before he started Byju's he initially worked as an engineer in a UK-based shipping company. Raveendran was respected among his classmates; he helped them crack their entrance exams through his simple and easy-to-understand methods, though he accomplished 100% in his own entrance examinations, he rejected the IIM.
Challenging the traditional educational system in 2006, he first launched this technology of valuable education called Byju’s, and the aim was to reinvent how students learned the system and transformed learning into a more entertaining learning process.
Early Raveendran Byju was working in a UK-based shipping firm. When he came back to India for his holidays, he helped some of his friends to pass the aptitude entrance exam. He gained confidence in his teaching methods by seeing his friends score well in their exams. His friends were also able to convince him to begin online tutoring to help other students.
In 2009, Byju’s started putting up videos of these lectures using V-SAT online. These videos reached cities across the country. He received more than 1200 requests from students for online coaching. He then understood the need for changing the learning method to help students gain this new concept.
He decided to train the students to fill the gap between education and their thinking about what they have learned and what they need to apply. Due to this method, he started getting massive popularity and attention gained by Byju’s Classes, he then decided to quit his job and become a full-time tutor.
Launch of Byju’s- The Learning App
Teaching online was the most convenient way for Byju to make his educational videos available for those in need.
The app was first launched in 2015. It got a huge response from the students with more than 5.5 million downloads in just one year. The renewal rate of the subscription is as high as 92%. Also, it has been seen through the statistics that the subscribed students spend more than an hour on the app every day.
Byju’s educational model
Byju’s is a premium educational model wherein a number of the primary academic content is made available to students for free and to gain access to more easy and amazing and easy content the users have to opt for a paid subscription.
Market competitors of BYJU's
- Unacademy
- Vedantu
- Khan Academy
- Simplilearn
Goals and Vision
Mr. Byju was always clear about what goals and vision he had to achieve in the field of teaching and education. He wanted to make the process more easy and personal by sharing his experiences, connecting with the students, and helping them practice and apply their concepts of education.
He tries to motivate students who are not inclined and interested in studies. Byju has always strived to improve conceptual understanding of subjects or particular by teaching students right from the basics.
The Byju- the learning app is not just textual chapters or audio voice; there are some quizzes, interesting games, and fun exercises. These reading materials help keep the students focused on the topic and interested without compromising the learning aspect.
According to a December 2019 report published by Economic Times, Byju’s had accumulated more than 40 million registered customers and 2.8 million paid subscribers.
Byju's Revenue Model
Byju's earns a huge profit. It is one of the largest Indian web companies that have a capital-productive action plan. The company has secured $540 million in grants powered by South Africa's Naspers in December 2018 with a giant valuation of $3.6 billion.
In March 2021, BYJU raised $1.5 billion in a Series F funding round and the capital raised will be used for inorganic growth through acquisitions.
At the end of 2021 fundraising values the company at $15 billion.
BYJU has purchased Aakash Educational Services Ltd (AESL) for around $1 billion. It is considered to be one of the most expensive acquisitions in the Indian tech market.
International Expansion of Byju’s
Byju’s is currently a part of the Indian markets and target Indian audienced. Last fiscal year, it plans to be a part of the European, American, African, and other Commonwealth markets. Byju’s has currently collaborated with Disney for the promotion and expansion of its services for kids of the 6-8 age group. In this plan, Byju pays for acquiring licenses of several Disney characters to use them for teaching Mathematics and Science to the youngest.
While this investment may look like an investment in cartoons, it has helped expand the customer base for Byju
Byju has transformed the market for apps and services in the field of education and changing the way of learning it has brought about a revolution in educational schemes
The educational model of Byju’s is brilliant and extremely profitable and has helped Byju’s transform into a company worth 3000 Crore Rupees today.
