Recent reports say that the world’s highest-valued edtech startup BYJU’S is planning to divert focus on global businesses as the Indian market is shrinking. The focus will be mainly on the US market. The shift in focus is due to the shrinking Indian online edtech market as schools, colleges and tuition centres are reopening.
Although BYJU’S is yet to confirm it officially, sources close to the platform report that Byju Raveendran is all set to hand over India operations to Chief Operating Officer Mrinal Mohit. Raveendran is currently meeting investors in the US and the UAE.
In March, BYJU’S announced a new partnership with QIA, the sovereign wealth fund of Qatar, to launch an edtech business and advanced research centre in Doha. This will serve students in the MENA region. BYJU’S is also the official sponsor of FIFA World Cup Qatar 2022.
The current development comes as companies across the edtech sector are finding it difficult to sustain. Many platforms such as Unacademy, Vedantu, and Lido Learning have laid off employees citing a lack of funds. The situation is likely to get worse with the looming recession.
In the case of BYJU’S, it raised $800 million in a pre-IPO round in March. However, the IPO has been delayed due to global macro-economic factors and economic slowdown.
