As BYJU Raveendran enters the list of Indian billionaires, here are the major reasons that led to the success of his startup
Named after the founder BYJU Raveendran, BYJUs, an educational application launched by Think and Learn Pvt Ltd, has become the flagbearer of internet education across India. With approximately 30 million users, the app has more than two million subscribers who pay the annual fees. The success of the company can be corroborated by its list of investors including tier-1 names such as Sequoia Capital, Mark Zuckerberg, Tencent Holdings Ltd, and Naspers Ventures. However, the question is: How did the venture of a village boy make it big in the market? Here are the major reasons :-
Understanding the mindset of children
Children have an inherently reluctant approach towards studies due to thick textbooks, long school hours, and the inability to maintain a balance between sports and academics. Considering this, BYJUs decided to present educational content in an interactive manner under a short span of time. The visual representation and easy expiation appealed to the children and thus, BYJUs gradually became the go-to learning source for the kids.
Onset of technology
With the rise of technology in the education industry, Raveendran Byju set up online classes via Think and Learn in 2011. However, it was probably due to the increasing internet accessibility and availability of cheap smartphones that coined the idea of launching a mobile application with a repository of video lectures, quizzes, and other services.
In the uber-competitive Indian market, many startups that have the potential to make it big fail because of the lack of finances. In this case, BYJUs has been consistently funded with premier investors such as Naspers Ventures, Sequoia Capital, Tencent Holdings Ltd, and Mark Zuckerberg. This can be attributed to the scope of Edtech in India, growing audience, and the unique quotient of content representation in the BYJUs application.
Parents and school students have been the target audience of BYJUs since its inception. Hence, all the advertising campaigns from BYJUs over television and internet have revolved around the association with a public figure or capitalizing on its application and positive impact on a student’s life. This is why BYJUs started with the famous video displaying the conceptualization of ‘Pythagoras Theorem’ and later, after establishing a basic audience, selected Shah Rukh Khan as the face of the brand. Recently, it further replaced Oppo to become the featured brand on the Indian cricket team jersey – a move speculated to be designed on similar lines.
At a macro level, BYJUs journey is a classic example of how accurate audience understanding and a unique product can pave the way for the success of a startup.