Chinese tech company Tencent backs Indian startup Byju's

Tencent, the Chinese tech giant, invests $40 million in the Indian EdTech company Byju's, valuing the startup in $750 million.

Photo: Byju's

Tencent, the Chinese tech giant, invests $40 million in the Indian EdTech company Byju's, valuing the startup in $750 million, reported The Times of India.

Byju's is an app and service that offers learning programs on several subjects and for different ages. It has been downloaded over 8 million times and it is being used in more than 1700 cities around the world.

The company has received investment from the World Bank and the Chan Zuckerberg Initiative, and it recently acquired TutorVista and Edurite from Pearson.

Byju's plans to expand internationally and make new acquisitions. "Along with expanding outside of India, we will use the funds to make acquisitions in the product space," said Byju Raveendran, the founder of the startup.