Thursday January 23, 2020
Home Business Byju’s ...

Byju’s Hit $6 Billion Valuation, Making its Founder and CEO Byju Raveendran Newest Billionaire in India

With increased brand awareness and strong adoption among students, Byju's tripled its revenue to Rs 1,430 crore

0
//
Byju, Billionaire, India
Raveendran holds more than 21 per cent stake in the Bengaluru-based educational technology and online tutorial firm, thus making him a billionaire. Pixabay

With the latest round of $150 million funding from Qatar Investment Authority (QIA) — the sovereign wealth fund of Qatar — ed-tech company Byju’s has hit $6 billion valuation, making its Founder and CEO Byju Raveendran the newest billionaire in the country.

Raveendran holds more than 21 per cent stake in the Bengaluru-based educational technology and online tutorial firm, thus making him a billionaire.

With increased brand awareness and strong adoption among students, Byju’s tripled its revenue to Rs 1,430 crore in the financial year 2018-19 and also turned profitable on a full-year basis.

The company declined any response on Raveendran’s becoming a new billionaire, saying “Byju’s does not want to comment on this”.

Byju, Billionaire, India
With the latest round of $150 million funding from Qatar Investment Authority (QIA) — the sovereign wealth fund of Qatar — ed-tech company Byju’s has hit $6 billion valuation, making its Founder and CEO Byju Raveendran the newest billionaire in the country. Pixabay

The fresh round of funding in Byju’s also included first-ever investment from Owl Ventures in an Indian start-up.

“Indian ed-tech firms attracting interest from eminent investors demonstrates that India is pioneering the digital learning space globally,” Raveendran had said earlier.

Byju’s has already crossed Rs 200 crore in monthly revenue and is estimating revenue of Rs 3,000 crore this year.

Transforming the offline to an online learning experience, it has also acquired Osmo, a Palo Alto-based education game making company.

Also Read- Rasagola, Sweet Delicacy of Odisha, Gets Geographical Indication (GI) Tag

The ed-tech firm offers learning programmes for students from classes 1 to 12 in India.

In one of its biggest win, from September onwards, Team India will wear Byju’s on their jerseys. Chinese mobile-maker Oppo will be replaced by Byju’s.

Team India will sport the Oppo logo on their jerseys till the West Indies tour which commences from August 3 and ends on September 2. Once, the South Africa tour of India begins from September 15, Byju’s will take over the jersey. (IANS)

Next Story

Canon India Ramps Up Efforts To Grab Healthcare Imaging, Security Market

On the camera front, India offers great opportunities in segments like wedding, wildlife, sports and media

0
Canon India also showcased EOS-1D X Mark III - the flagship product from the Canon EOS range, featuring latest advancements and innovations in digital imaging technology. Wikimedia Commons

After cementing its position across four key business verticals — camera, home printers, office printers and commercial printing solutions — Canon India is now ramping up its effort to top the growing healthcare imaging and security surveillance market in the country, a top company official said here on Wednesday.

After grabbing a substantial share in the Indian market in the professional printing segment which has been among the fastest growing verticals for Canon in India, the company now eyes diagnostic imaging market which is witnessing a tremendous growth with new super-specialty hospitals and diagnostic centres being opened at a fast pace, including in the tier II and II towns.

“In 2020, our key focus areas will be medical and security verticals in India. There have been a strong demand in the field of diagnostic imaging like MRIs, CT scans and X rays in the recent past which, we think, is an important segment for us in this country going forward,” Kazutada Kobayashi, President and CEO, Canon India, told IANS.

Although India will be the youngest country in the world by 2020 with a median age of 29 years, the number of elderly people is likely to increase significantly after that, according to the “State of Elderly in India” report.

By 2021, the elderly population will reach 143 million.

Canon
After cementing its position across four key business verticals — camera, home printers, office printers and commercial printing solutions — Canon India is now ramping up its effort to tap the growing healthcare imaging and security surveillance market in the country. Wikimedia Commons

According to market research firm Mordor Intelligence, the increase in life expectancy over the years has resulted in an increase in the population of the elderly. Hence, the growing geriatric population is expected to augment the demand for diagnostic imaging equipment.

The global medical imaging market was approximately $34 billion in 2018 and is expected to generate around $48.6 billion by 2025, according to Zion Market Research, and the of a huge patient pool and rise in the number of hospitals and diagnostic centres in India, Japan and China are anticipated to fuel the medical imaging market in the Asia Pacific.

“Today, if you go to a hospital and take a picture of your chest, that needs to be printed on a film. We propose to print that on a paper. This is my economical and environmental-friendly vision,” said a beaming Kobayashi on the sidelines of the launch of its flagship camera EOS-1D X Mark III.

According to him, security is another big area to focus on.

“Security surveillance camera systems have come of age and at Canon, we are aiming to make a revolution in this area soon,” said the executive.

Canon’s business in India is divided between business-to-consumer (B2C) and business-to-business (B2B) verticals.

The B2C category includes camera and home printers while B2B includes commercial printers and sales to corporates and MSMEs.

Canon India also showcased EOS-1D X Mark III – the flagship product from the Canon EOS range, featuring latest advancements and innovations in digital imaging technology.

“On the camera front, India offers great opportunities in segments like wedding, wildlife, sports and media. One great observation is that the demand for high-end cameras is also coming from smaller Indian towns and we are excited about this,” said C. Sukumaran, Director, Consumer Systems Products and Imaging Communication Products, Canon India.

Priced at Rs 575,995 (taxes included) for the body, including 512GB CF Express Card and Reader, the EOS-1D X Mark III will be available mid-February onwards at select retail outlets across the country.

The EOS-1D X Mark III offers an unmatched continuous shooting speed up to 16fps with viewfinder shooting. It houses a newly developed 20.1MP Full Frame CMOS sensor.

canon
After grabbing a substantial share in the Indian market in the professional printing segment which has been among the fastest growing verticals for Canon in India, the company now eyes diagnostic imaging market which is witnessing a tremendous growth with new super-specialty hospitals and diagnostic centres being opened at a fast pace, including in the tier II and II towns. Wikimedia Commons

“The newly developed algorithms in the camera enable not just eye detect and face detect autofocus but also head detect autofocus. This allows highly precise autofocus and tracking even in challenging conditions and with multiple and rapidly moving subjects,” informed Sukumaran.

ALSO READ: Huawei Reveals Full List of Devices in Global Market Eligible To Have EMUI 10

According to Kobayashi, the high-end camera will further enable the company promote the photography culture in India.

“Our latest offering will cater to the growing list of professional photographers in India and open up newer possibilities in the imaging space,” he added. (IANS)