BYJU’S success as a product company has four elements: The transition from offline to online, personalisation, being relevant across curriculums and driving engagement through gamification
Although the company was recognised as one of the fastest-growing among edtech peers in 2015, the segment did not see adequate traction like other consumer tech businesses such as ecommerce and food delivery
Besides scaling up subscriptions at a fast clip, improving the NPS and the renewal rate, another key challenge was getting the students hooked to educational products
It is an oft-repeated story. The year was 2015. BYJU’S, an eponymous brand set up by Byju Raveendran in 2006 as a CAT classroom coaching centre, had launched a tablet with video modules for classes 8-12 a few years ago and was looking to go big in the online space.
The timing could not have been better. In less than a year, the Reliance India-orchestrated Jio revolution would make data so cheap that internet products would get a chance to stand tall. But BYJU’S did a little more. In about five years, India’s first edtech unicorn (the company entered the rarefied club in late 2017) has turned into the second most-valued decacorn of the country. Its worth is now close to 12 Bn, according to latest reports.
In May 2020, the company claimed to have more than 50 Mn registered users out of which 3.5 Mn were paid subscribers. Its revenue stood at INR 2,800 Cr in the financial year ending March 31, 2020, double the growth from INR 1,341 Cr posted by the company in FY2018-19.
Clad in a black tee, Raveendran is the Steve Jobs of this story as he has identified a market need faster than anyone else and helped millions of students study for the most important exams of their lives. But another person plays a vital role in this narrative, although he is not always in the limelight.