Table of Contents
BYJU'S-success-story- Bio, facts, Net worth, Business, Income, Growth, Investments, Challenges Faced. Personal life.
Most of the time, these chats take place in a crowded classroom while the teacher is going over a crucial idea. You cannot understand a word that the teacher is saying in class, even if it looks like everyone else is understanding what the teacher is saying and nodding in agreement. Do you find yourself in this situation? Whether you like it or not, at some point in their lives, every student has gone through something similar. Since each student learns at a different rate, the teacher is unable to accommodate all of the students' demands in the class. Thankfully, the Edtech sector is growing rapidly enough to reduce this difference. BYJU'S is a name that has to be brought up while discussing EdTech in India. Continue reading to learn how one engineer founded the most valuable ed-tech company in the world because of his love of teaching.
BYJU'S was established in 2011 by Byju Raveendran, and its educational app was launched in 2015. BYJU'S is currently valued at over $8.4 billion.
Concerning BYJU's and How It Operates
BYJU's is a Bangalore-based online tutoring and coaching company that was founded in 2011 and operates on a freemium basis. BYJU's parent company is known as "Think and Learn Pvt Ltd." BYJU's primary goal is to help students in grades 1 through 12 and those preparing for competitive examinations like IIT-JEE, NEET, CAT, GRE, and GMAT by offering online video lectures.
Launched in 2015, BYJU's Learning app has had tremendous success. There are 9,000 paid subscribers and more than 15 million students who use it worldwide. Instead of relying solely on spoon-feeding the children, the software enables them to learn independently. Its methodology blends cutting-edge educators, tried-and-true educational techniques, personalized learning, and the reimagining of education.
The company that developed education technology, BYJU's Classes, was founded by Byju Raveendran.
Born in Azhikode, Kerela, in 1980, Byju Raveendran is the CEO and creator of BYJU. From Kannur's Government Engineering College in Kerela, he received a B.Tech in mechanical engineering. A worldwide shipping corporation hired Byju Raveendran as a service engineer before he founded of BYJU's. Yet the reason he founded BYJU's was because teaching was his real passion.
In addition to being a business owner and educator, Byju Raveendran is a skilled athlete who competes in six different sports. At the university level, he participated in badminton, table tennis, football, and cricket. Among his students, Byju is referred to as "Byju sir" and has twice received a perfect score on the CAT exam. However, he never joined any IIM.
Divya Gokulnath is an Indian educator and businesswoman. She is Byju Raveendran's wife, a co-founder of Byju's, and a director. After completing her B.Tech in Biotechnology at R.V. College of Engineering and National College Jayanagar, Divya chose to co-found Byju's in 2011 alongside her spouse.
On December 10, 2021, Rachna Bahadur was named Senior VP of Byju's. In this role, she will oversee the company's overall strategy, planning, and roadmap for both new and existing markets. Rachna used to work at Bain & Company as a Partner.
Originally from the small Keralan town of Azhikode, Byju Raveendran worked as an engineer for a UK-based shipping company. He began assisting his buddies in getting ready for the CAT exam, which is required to gain admission to the top business schools in India, while he was employed. Byju took the exam to test himself and received a perfect score of 100 percentile! Instead of enrolling in any IIM, he began preparing pupils for arithmetic tests.
He attended math workshops for free at first, but once he became confident in his abilities, he began to charge a fee. He had workshops that were so well-liked at one point that over 20,000 pupils attended. He began filming recordings of the workshops he arranged in 2009.
He started teaching at BYJU at the encouragement of his former pupils who graduated from the IIMs. Then, "Think and Learn Pvt Ltd" was established to produce educational materials for pupils. When he released Byju's - The Learning App in 2015, over 5.5 million users downloaded it in its first year.
"Fall in love with learning" is BYJU's slogan. The initial name of the founder gave rise to the moniker Byju's.
One of the biggest challenges facing BYJU's is getting students to become paying members once their free trial period expires, as stated by the company's creator, Byju Raveendran. The second hurdle is finding acceptable partners to help with the company's expansion into other English-speaking countries, which is something the company is also striving towards.
Byju’s plans to go public in the next eight to ten months. The second-highest valuable firm in India, helmed by Byju Raveendran, is an ed-tech unicorn that has gained recognition in the startup community through its acquisitions and fundraises. It is presently seeking an IPO valued at more than $16.8 billion. Based on the ongoing developments in Byju’s initial public offering (IPO), the company has chosen to combine with Churchill Capital’s special-purpose acquisition company (SPAC), a worldwide strategic advising firm, to raise around $4 billion. According to reports dated December 16, 2021, the company would be valued at over $48 billion after such an IPO round. As of July 7, 2022, the BYJU IPO is scheduled to take place over the next eighteen months, with a valuation of $40–45 billion.
Byju’s uses a freemium business strategy, providing clients with free and premium (paid) services. The company gives students a free 15-day trial and requests that they fill out its application or website with their details. The student must purchase the courses from BYJU’s to access the full curriculum once the free trial expires. The company offers feedback to the child’s parents in addition to one-on-one mentoring to its subscribers. Additionally, BYJU’s provides classroom tutoring in Gurgaon, Noida, and a few other places.
Students spend an average of 71 minutes a day in more than 1700 cities, according to the app, which currently has 10 Cr+ downloads on the Play Store. About 6 million paying users of the BYJU app, with an 85% renewal rate, are active. These figures are the outcome of BYJUs’ amazing marketing approach.
Focusing on your target market and brand awareness is the key takeaway from Byju’s marketing strategy.
If you look at their marketing strategy from the beginning, you’ll see that they were talking directly to parents and children. They assisted students in realizing that they could swap out their boring study routines for more interesting ones.
The business acknowledged that students are the intended users of its packages, even though parents will be the ones to buy them.
The majority of parents think that kids shouldn’t use the internet or their smartphones for school-related activities.
The company realized that debunking this idea was a prerequisite for success. To highlight the benefits of online learning, they launched the “Keep Learning” campaign.
In India, playing cricket and acting are popular hobbies. They chose Shahrukh Khan as their brand ambassador, backed the Indian cricket team, and became a global partner of the Indian Cricket Council as a result. As a result, Byju’s gained recognition and the confidence of customers.
These components show that they looked into human psychology and the Indian market in great detail. Thus, the next time you develop a marketing plan for your business, begin with learning about the needs and behavioral patterns of your target market.