Byju to inject $200 million over 2 years to expand hybrid tuition model
Byju’s will inject $200 million over the next two years to grow and grow its hybrid tuition business, a senior company official said Thursday.
The $22 billion-valued company raised $800 million (about Rs 6,000 crore) in March in a funding round that included funds like Sumeru Ventures, Vitruvian Partners and BlackRock. .
“We have $200 million to invest over the next two years for use in the exponential expansion of the ‘Tuition Center’ model. We now have 100 centers in 23 cities but by December we will have 500 centers in 190 cities. Next year’s expansion plan is not yet frozen,” said Himanshu Bajaj, head of tuition centers in Byju.
The Byju Tuition Center is a student-facing program that brings together the best of offline and online learning experiences, the company said, which has been moving away from its online-only model since November last year.
Bajaj said Bengal remains in the company’s top three markets and will soon expand into smaller towns in the state by December.
“We will have 20 centers across Bengal by December 2022 from five centers now, 10 of which will be outside Kolkata,” he said.
The professional who has worked with management consulting firm Kearney leading its consumer and retail practice across Asia-Pacific and other management roles, he aims to enroll some 2.5 to 3 lakh students in the hybrid schooling model in the near future.
Without disclosing the revenue targets, Bajaj said the model focuses on all school boards for students in grades 4 to 10 and monthly charges range between Rs 3,500-4,000 per month.
All centers will be company-owned and company-operated for a standardized education model.
The tech-focused company said it will continue to take advantage of new technologies to teach and learn and is working to introduce virtual reality in the near future. The company already has smart cameras and learning tools to track student progress.