INDIAN

TECH
UNICORNS

1
INTRODUCTION-

India's internet economy is expected to grow at 24% CAGR over 2020-30 to reach
US$639bn by 2030 (vs an estimated US$75bn in 2020). This translates to ~9% of India's
2030 GDP vs ~3% of GDP in 2020.

The number of internet users in India is expected to increase to 650M by 2020, touching
850M by 2025. This considerable increase in data penetration has come on the back of a
significant reduction in data prices.

• Data consumption has seen unprecedented growth in the last two years, with total
consumption increasing 12x from 200M GB/month to 2,400M GB/ month.

• Initiatives like introduction of Aadhar (world’s largest biometric system), e-KYC, e-Sign,
UPI, Digilocker has led to a drive for enhanced data access and the creation of a digital
identity.

• India is poised to become the youngest country in the world with an average age of 29 years
which will drive themes in consumption like social commerce with the lifestyle & digital
affinity of this generation.

• India recorded the second highest cumulative time spent on finance applications on mobile
in 2019, second only to China and >3x higher than US. UPI is fueling this boom.

• India's online retailing has seen massive growth in the last five years – growing from an
estimated US$12bn in GMV in 2015 to US$38bn in GMV in 2020. India's e-commerce
penetration, at ~3-4% currently is well below China (20%+) and USA (~15%).

Indian Tech Unicorns would be at the centre of this boom and this report focuses on a select
few belonging to high-growth industries.

Paytm, Mobikwik, PolicyBazaar, Flipkart, Nykaa, Lenskart, Zomato, Delhivery and Byjus.

Source: Citi Research Report - India Internet, dated – 26 Jan 2021 and Kalaari Capital Report –
Uniquely India Digital Opportunity

2
 FINANCE TECHNOLOGY
Company Valuation ($) Business
Paytm 16 Bn Digital payments wallet and e-commerce offering online
use-cases like bill payments, investment, insurance, lending,
merchant services and consumer internet.

MobiKwik 414 Mn A mobile phone based payment system and digital wallet.
An alternative to cash transactions. It also allows transfers
between bank accounts and allows customers to take loans
Policy Bazaar 3.5 Bn Indian insurance aggregator. Users can use the platform to
research, compare and buy various insurance policies from
over 40 insurance providers

E-COMMERCE
Company Valuation ($) Business
Flipkart 30 Bn E-commerce company offering books, consumer
electronics, fashion, essentials, groceries, and lifestyle
products available at cheap prices and heavy discounts.

Lenskart 1.5 Bn Eye-wear retail company with over 700 stores across India.
Omni-Channel business model serving 400K customers and
30% organized retail market share.
Nykaa 1.2 Bn Lifestyle retailer of beauty, wellness and fashion. Online
(website/app) and offline stores. Market leader in
cosmetics.

ONLINE FOOD DELIVERY

Company Valuation ($) Business
Zomato 5.4 Bn Indian restaurant aggregator and food delivery company.
Provides information, menus and user-reviews of
restaurants as well as food delivery options. Claims to have
55% market share in India.

FULFIMENT AND LOGISTICS

Company Valuation ($) Business
Delhivery 1.5 Bn India's largest (B2B)& (C2C) logistic Courier Service
Provider in India.The company offers warehousing,
transportation, and commerce services.

EDUCATIONAL-TECH
Company Valuation ($) Business
Byjus 15 Bn Byjus is an edu-tech firm offering informative content for
students. Concepts are explained through short videos. 2nd
highest valued ed-tech startup in the world as of Feb 2021.

Source: TechCrunch, Crunchbase, Inc42

3
 FINANCE TECHNOLOGY

PAYTM
Paytm, is a digital payments wallet and e-commerce founded in 2010. It offers
online use-cases like mobile recharges, bill payments, bookings as well as like
bill payments. Recently it has also ventured into investment (MF, FD, stock
broking), protection (insurance), and lending (BNPL, personal loans), with an
aim to drive monetisation through cross-selling. It secured a payment bank
licence in 2017 and has raised Rs10 bn of deposits from ~60 mn accounts.

FINANCIAL PERFORMANCE
• Paytm earns revenues through the commissions from the customer transactions, escrow
accounts (no interest to customers) and Digital gold/ E-commerce.
• Net Profit in FY19-20 grew to Rs29.8cr, YoY growth of 55%
• Reduced EBITDA losses by 50% YoY in the same year.
• Revenue at the end of FY2020, stood at Rs 3,629 Cr. (10% YoY)
• Projected to turn profitable by end of 2021.

Source: Financial Express, Inc42

FUNDING AND VALUATION

$2.2 Billion in 4 rounds.
15 Investors including Alibaba Group, SoftBank and Berkshire Hathaway
$16 Billion Valuation

Source: Crunchbase

MANAGEMENT
Founder and CEO, Vijay Shekhar Sharma- Holds dual degree from DTU, sold a company for $1
Million while still in college and was one of Time’s Most Influential (2017).

4
MOBIKWIK

MobiKwik is an Indian company founded in 2009 that provides a

mobile phone based payment system and digital wallet. Customers
add money to an online wallet that can be used for payments.
Similar to Paytm, MobiKwik is an alternative to cash transactions.
It also allows transfers between bank accounts and allows
customers to take loans.

FINANCIAL PERFORMANCE
• The business & revenue models currently comes from thin spreads between deposit rates and
investments in government paper below one year, and fee-based incomes by cross-selling
insurance and mutual fund products.
• IN FY2020, MobiKwik recorded a revenue of Rs 379 Cr, compared to Rs162 Cr in FY2019.
• Year on Year Growth of 134%, and 3rd consecutive year of 100%+ growth.
• It also reduced its cash loss by 91% in FY20 compared to FY19.
• Cost of acquiring and retaining potential customers has also fallen.
• Expected to become profitable in FY21.

Source: Business Standard

FUNDING AND VALUATION

$140.1 Million in 13 rounds.
15 investors including Bajaj Finance, NDTV and Sequoia Capital
$414 Million valuation

Source: Crunchbase

MANAGEMENT
Founder and CEO, Bipin Preet Singh- Former platform architect at NVIDIA and Sr. Design
Engineer at Intel. Graduate from IIT-Delhi

5
MARKET SCOPE

• Fin-Tech market is expected to grow from current $65 Bn to $140 Bn in 2023. CAGR of
20%
• Fintech adoption rate in India - 87% (global average 64%) increased from 57% in 2017.
• Digital transactions could reach Rs 15 trillion a day by 2025: RBI
• Retail digital lending has grown at a 43% CAGR. ($110 Bn [2019])
• FinTech has been the second-largest recipient of Venture Capital funding in India in the last
decade. ($9.7 Bn)
• The Global Fintech Market was valued $5,504bn in 2019 and is expected to grow at CAGR
of 23.58% during the forecast period.
• The pace of growth in the Asia-Pacific (APAC) region is anticipated to be the highest. CAGR
of 43.34% during the 2018-2023 period.
• India has overtaken China as Asia’s top fin-tech funding hub. 2nd Largest Globally (Behind
US)

Source: Credit Suisse, Industry Arc, Deloitte and Techcrunch

COMPETITION
• Payments landscape in the Fintech Industry has intense competition in India with the players
like Google Pay, Phone Pe Paytm and MobiKwik. (78% of the market share in UPI
Payments).
• Paytm has the most active daily users (39million), more than Google Pay and Phone Pe
combined. (19m and 17m). [Q42019-Q12020 report]
• Total number of users- 107 Mn (MobiKwik), 350 Mn (Paytm) and 250 Mn (Phone Pe).
• UPI Payments dominated by Google Pay and Phone Pe. (86% Market Share)
• Paytm is a distant third, but it isn’t limited to UPI.
• Ventured into E-commerce (Paytm Mall) as well as credit-lending facilities and wealth
management. (4-5Mn Daily Transactions).
• Paytm Mall projected GMV of Rs500cr by 2022.
• Largest player in merchant payments (P2M), 50% Market Share- Paytm
• Mobikwik has recorded the fastest YoY revenue growth.
• Globally, Paypal and Stripe are competitors and the biggest players.
• Stripe has a valuation of $100Billion and Paypal’s market cap is $350Billion.
• Operating in countries with very high levels of internet penetration, shows scope of industry.

Source: Credit Suisse, Live Mint, Crunchbase and Financial Express

6
POLICY BAZAAR
Policybazaar is an Indian insurance aggregator and a global financial technology
company based in Gurgaon, India founded in June 2008. It has companies, who offer car, health, life,
corporate and travel insurance, as its business partners. Users can use the Policybazaar website or app to
research, compare and buy insurance policies from over 40 insurance providers.

FINANCIAL PERFORMANCE
• Policy Bazaar makes money by generating leads for insurers, advertising, and policy sales.
• 85% of the revenue comes from e-commerce and policy sales.
• Revenue has grown over 100% from 2017-2020, though expenses increased by double in 18-
19 and the company was in net loss.
• In FY20 it had steady YoY growth of 147% with top line of Rs855Cr.
• Expenses did increase but was able to improve EBITDA margins by 48% and reduce net
losses.
• Expected to log a revenue of Rs 1,100 Cr and turn marginally profitable in 2020/21.

Source: Entracker, Daily Hunt, and Inc42

FUNDING AND VALUATION

$626.6M in 10 rounds
16 Investors including Softbank Vision and Temasek Holdings
$3.5 Billion valuation

Source: Crunchbase

MANAGEMENT
CEO, Sarbvir Singh- Former MD at Capital 18 and Managing Partner at Waterbridge Ventures.
Degrees from IIM-Ahemdabad and IIT-Delhi.

MARKET SCOPE
• Insurance space within the fin-tech industry is growing, the adoption rate of buying insurance
through the online method has been low.
• Insurance penetration in India is only 4%.
• Covid-19 has led to a surge in demand for insurance and trend looks likely to continue.
• Rising incomes, urbanisation and digitisation in the coming years makes Insur-tech an
attractive market segment .
• Insurance industry in India is expected to be worth $196Billion by 2025, CAGR of 10%.
• Policy Bazaar is deeply entrenched in the Market with 90% share in 3rd party online sales
and 40% share in total sales.
• Global Insurtech Market revenue is valued at $5.48 billion in 2019 and is expected to reach
$10.14 billion by 2025, growing at a CAGR of 10.80% during the period 2019-2025.

Source: PolicyBazaar website, Business Wire, and Inc42

7
COMPETITION
• BankBazaar, Acko and Coverfox are Policybazaar’s main competitors in the field.
• Although Acko and Coverfox are insurance brokers whereas the latter is an insurance
aggregator.
• Policy bazaar currently has 70% of the sale of overall online insurance.
• Online traffic in the past 6 months (2020-21)—Policy Bazaar had 10.03Mn Visits, Acko
1.88Mn Visits and Coverfox had 1.61Mn Visits
• Policy Bazaar had 9x times more the traffic than the rest, also has higher average duration
spent.
• FY20 revenue for Policy Bazaar was also much higher than its competitors in India.

Source: Startup Talky, Inc42 and Similar Web

8
 E-COMMERCE

FLIPKART
Flipkart is an e-commerce company headquartered in
Bangalore, Karnataka, India, and registered in Singapore. It
was founded in 2007, and the company initially focused on
online book sales before expanding into other product
categories such as consumer electronics, fashion, home essentials, groceries, and lifestyle products
available at cheap prices and heavy discounts in comparison to brick and mortar stores. It has
redefined shopping in India.

FINANCIAL PERFORMANCE-
• Flipkart works on a B2C (business to consumer model) and earns its revenue through
commissions during sales transactions between buyers and sellers and a premium service.
• Flipkart’s subsidiaries also generate additional revenue with higher profit margins. These
include Myntra, eBay and PhonePe. Each part of high- growth tech industries.
• Flipkart had a YoY growth of 42% in FY19 .
• It generated Rs 34,610 Cr Revenue in FY2020, YoY growth of 12%
• Losses dropped 18% YoY to Rs. 3,150 Cr.

Source: Business Standard

FUNDING AND VALUATION

$9 Billion in 24 rounds.
24 Investors including Walmart, eBay and Softbank Vision. Walmart acquired an 81% controlling stake
in Flipkart for US$16 billion.
$30-40 Billion valuation.

Source: Crunchbase

MANAGEMENT
CEO, Kalyan Krishnamurthy- Formerly held top director of finance positions at Tiger Global and
eBay. MBA in Finance from UIUC, Illinois and another MBA from Asian Institute of Management.

MARKET SCOPE
• E-commerce has transformed the way business is done in India.
• The industry has been on an upward growth trajectory and is expected to surpass the US to
become the second largest E-commerce market in the world by 2034.
• Growth for the industry has been triggered by an increase in internet and smartphone
penetration.
• As of August 2020, the number of internet connections in India significantly increased to
~760 million
• 329.1 million people are estimated to buy goods and services online in 2020 and a minimum
of 3 users are generated every second in India.
• The market size was estimated to be $38.5 Billion in 2017-18 and is expected to grow to $99
Billion by 2024. CAGR of 27% from 2019-24. Projected $200Billion by 2026.
• Global E-commerce expected to grow at CAGR of 14.7%, current size of $8 Trillion.

Source: IBEF and Imarc

9
COMPETITION
• Amazon, the global leader in e-commerce is Flipkart’s main competitor in India.
• While Amazon is growing at a faster rate than Flipkart as expected, Flipkart still dominates
the online-retail market in India.
• In the recent festive season Sept-Oct 2020, GMV( Gross Merchandise Value) of online sales
in the market was $4.1 Billion. Flipkart’s share of the total--68%.
• As of 2019, Flipkart and Amazon had 31.9% (highest) and 31.2% share respectively in the
online retail market in India.
• Flipkart earned 3 times as much revenue as Amazon India during FY2020, reduced its losses
as Amazon’s expenses went up.
• Has a more consolidated fashion and design market reach in India through acquisition of
Myntra.

Source: Financial Express and Forrester Research.

10
NYKAA
Nykaa is an Indian lifestyle retailer of beauty, wellness, and fashion
products that was founded in 2012. Nykaa has multiple ecommerce
platforms across websites and mobile apps and also has offline stores.
Its popularity stems from its seasonal discounts and cheap prices. It is
unique as it follows an inventory based e-commerce model.

FINANCIAL PERFORMANCE
• Nykaa stores the stock of good purchased directly from manufactures which it stores in
warehouses. The product is then sold through online and offline mode both.
• This enables it maintain high profit margins.
• Broke-even in 2017 after 5 years of operations.
• 166% YoY revenue growth in 2017-28.
• Nykaa increased its total revenue from Rs 1,200 Cr in FY19 to Rs 1,800 Cr in FY20.
• Projected to grow 40 % on a consolidated level in FY21.
• Costs are mainly customer-acquisition which they have reduced from Rs 1000 per customer to
200-300.

Source: Inc42

FUNDING AND VALUATION

$145.9 Million in 12 rounds.
15 investors including Fidelity, Steadview Capital and Hero Enterprises
$1.2 Billion valuation

Source: Crunchbase

MANAGEMENT
Founder and CEO, Falguni Nayar- Former MD of Kotak Mahindra Bank and degree from IIM-
Ahemdabad.

MARKET SCOPE
• Nykaa is the market leader in the online trade channel for cosmetics which has sprung to life
on the back of growing consumerism and internet penetration.
• It also has 76 offline stores across the country.
• Indian Beauty and Personal Care Market is expected to grow at CAGR 9%. From $14-15
Billion in 2017 to $22-23 Billion in 2022-23.
• Global cosmetics market is expected to rise from its initial estimated value of $435.47 billion
in 2018 to an estimated value of $648.31 billion by 2026, registering a CAGR of 5.10%
during the forecast period.
• Nykaa claims to have been fulfilling nearly 1.5 Mn orders a month, offering over 1.5K
brands and 130K products.

Source: Data Bridge Market Research and Inc42

11
COMPETITION
• Nykaa has most of the online retail share in the beauty and personal care market.
• Market leader in vertical e-commerce.
• stiff competition from brands such as Sephora, L’Oreal and the like but Nykaa is ahead in the
race and is more innovative.

12
LENSKART
Lenskart is an Indian optical prescription eyewear retail chain
founded in 2010. As of September 2019, it had over stores in 70
cities in India. It gives the customer an Omni channel experience where a customer can order either
from store or from online medium. Lenskart has removed intermediaries and complexities in
operations by centralising lens manufacturing and cutting, helping deliver quality. The order is placed
online and serviced by the company.

FINANCIAL PERFORMANCE
• Lenskart has historically recorded YoY growths of 40-50% up till FY2020.
• In FY19, It grew at 50% year-on-year, launched its 500th store and its total operating revenue
grew by 24% in 2019 to Rs 474.31 crore.
• In FY20, Total Revenue was Rs 964 Cr. YoY growth of 45%.
• Lenskart turns marginally profitable with net profit equal to Rs 18 Cr.
• It has recently forayed into the middle east with a $50 Million Investment aimed to become
$250 Million in 3-4 years.

Source: Inc42 and Economic Times

FUNDING AND VALUATION

$459.6 Million in 9 rounds.
12 investors including SoftBank Vision.
$1.5 Billion valuation

Source: Crunchbase

MANAGEMENT
Founder and CEO, Peyush Bansal- Veteran in E-commerce with 9 years of experience. Degrees from
McGill University and IIM-Bangalore.

MARKET SCOPE
• Around 70% of the population has vision impairment, which is a clear indication that there is a
huge demand in the optical market.
• Children are also being exposed to technology at a very young age leading to higher risk and
eyesight issues.
• These will directly or indirectly shape the optical market in a significant way in the coming
years.
• Eyewear Market in India is expected to grow from $7.5 Billion in 2018 to $13.6 Billion by
2024.CAGR of 9.5%.
• Lenskart claims to have a 30% market share in the organized eyewear market.
• The global eyewear market size was valued at $147.60 billion in 2020. It is expected to
expand at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028.

Source: Med-India, Statista, Grandview Research, Inc42

13
COMPETITION
• In this market, the unorganized sector dominates having a share of 70-75%.
• In the organized sector, Titan Plus, GKB, Lawrence and Mayo are all strong players.
• Lenskart is unique.
• It is omni-channel, has its own team of designers and stylists that keep a tab on the latest
trends in the eyewear department and use innovative use of technology through 3D AI.
• Lenskart serves more than 400K customers a month and plans to open 5,000 stores by 2025.

Source: Deloitte and Inc42

14
 ONLINE FOOD DELIVERY

ZOMATO

Zomato is an Indian restaurant aggregator and food delivery start-up founded in

2008. It provides information, menus and user-reviews of restaurants as well as
food delivery options from partner restaurants in select cities. Claims to have 55%
market share in India.

FINANCIAL PERFORMANCE
• Zomato’s revenue stream consists of advertisements, food delivery (commission fee) and
premium subscription services.
• Food Delivery contributes to 82% of the revenue.
• Revenues increased from Rs 1,255 Cr in FY19 TO Rs 2,605 Cr in FY20. YoY growth of
98%.
• Zomato is on the cusp of reaching profitability and value creation, driven by 7x growth in
revenues to $2.2bn and ~$500m EBITDA by FY26(ii).
• Customer Acquisition costs have flattened and delivery costs expected to stabilize.
• Fixed costs as % of revenue projected to systematically drop as well in the coming fiscal,
aided by Economies of Scale.

Source: IIFL Research, Business Insider and Economic Times

FUNDING AND VALUATION

• $1.9bn raised in 19 rounds.
• 21 Investors including Tiger Global and Alibaba’s Ant Financial.
• $5.4bn projected valuation.

Source: Crunchbase

MANAGEMENT
Founder and CEO, Deepinder Goyal- Holds dual degree from IIT-Delhi, former Bain & Co Consultant.

MARKET SCOPE
• Online food delivery in India expects to become a $8bn Market by 2022 with CAGR of 25-
30%.
• Zomato has a market share of 55% and would be at the center of this expansion.
• It’s active consumer base grew 3x in H1FY19-20.
• 31 orders are placed every second in India.
• At very low internet penetration (4%) which is expected to increase with rapid urbanization.
• World Revenue in Online Food Delivery is projected to reach $151.5bn in 2021, with CAGR
of 6.4%.
• Meituan Dianping (China), the world’s largest food delivery operator has a market cap of
$230bn. Potential Zomato growth horizon.

Source: Livemint, IIFL Research, Statista

COMPETITION

15
 • Zomato’s main competitor in India is Swiggy (Both hold 90%+ market share).
• It has more than 2x traffic than Swiggy (21.27 Million per Month compared to 8 Million per
Month), more monthly users and has clocked faster GMV and transaction growth.
• Swiggy beats Zomato in daily orders(1.5 Mn compared to 1.2 Mn) as of 2019.
• EDITBA margins for Zomato, -167% compared to Swiggy’s -222% in FY19.
• Zomato has reduced these margins to 84% in FY20.
• After acquiring Uber Eats, Zomato also has the largest online food delivery market share in
India.
• Globally, China’s Dianping, Delivery Hero and Uber Eats are competitors.
• Although Zomato is much smaller in terms of reach and revenue, its take-rate is the second
highest.

Source: DNA India, Financial Times

FULFIMENT AND LOGISTICS

16
DELHIVERY
Delhivery Private Limited is India's largest Business to
Business (B2B) & Customer to Customer (C2C) Logistic
Courier Service Provider in India, founded in May 2011.
The company offers warehousing, transportation, and
commerce services. Follows a ‘plug and play’ model and
provides a solution to all those customers who want to send
out their products to their respective customers. The
method followed by them is the distribution model.

FINANCIAL PERFORMANCE
• Policy Bazaar makes money by generating leads for insurers, advertising, and policy sales.
• 85% of the revenue comes from e-commerce and policy sales.
• Revenue has grown over 100% from 2017-2020, though expenses increased by double in 18-
19 and the company was in net loss.
• In FY20 it had steady YoY growth of 147% with top line of Rs855Cr.
• However expenses increased again and company was in net loss. Though it did improve
EBITDA margins by 48%.
• Expected to log a revenue of Rs 1,100 Cr and turn marginally profitable in 2020/21.

Source: Daily Hunt, Entracker and Inc42

FUNDING AND VALUATION

$959.6 Million in 10 rounds.
9 Investors including Carlyle Group, Tiger Global and Softbank Vision.
$1.5-1.6 Billion valuation.

Source: Crunchbase

MANAGEMENT
Co-Founder and CEO, Sahil Barua- Former Consultant at Bain&Co. Graduate of IIM-Bangalore.

MARKET SCOPE
• The proliferation of e-commerce
• The resulting rise in the number of online buyers, especially in the emerging economies like
India is anticipated to fuel market growth.
• The global e-commerce fulfillment services market size was valued at $69.68billion in 2019
• Expected to expand at CAGR of 6.5% from 2020-27.
• World’s biggest logistics companies like UPS and DHL, have net revenue of close to
$4billon each.
• Potential growth horizon for logistic companies.
• Delhivery is expected to become the largest supply chain company in terms of revenue by the
end of 2021, overtaking blue dart.
• However its market share in the shipping and fulfilment sector is only 0.3%.

Source: Grandview Research, TT News, Logistics Insiders

COMPETITION
• There are a lot of players in shipping, delivery and fulfillment space.

17
 • One side would be the logistics industry as a whole, and the other would be the specific e-
commerce logistics industry.
• Delhivery has tough competition on both ends.
• It is primarily a logistics company. It would only be fair to compare it to others of like it such
as Blackbuck and Blue Dart.
• In the latest financial year, it registered higher revenue than each to become the largest supply
chain company in India. It is also valued higher.
• FedEx and DHL, global leaders in courier services also operate in India but scale of their
operations is small.

Source: CB Insights, Financial Express

18
 EDUCATION-TECHNOLOGY

BYJUS
Byjus is an edu-tech firm offering informative content for students from class 4-
12, founded in 2011. Concepts are explained through short videos. It also trains
students for examinations in India such as IIT-JEE, NEET, CAT, IAS and
international examinations such as GRE and GMAT. It is a freemium business
model with access to content(free for first 15 days) after the registration.

FINANCIAL PERFORMANCE
• Majority of the revenue is earned from the subscription service.
• It also makes money from product purchases from its website, offline career counselling,
offline coaching, and revenues from API. (5.2 Million Annual Paid Users)
• BYJU had Rs 2,800 Cr Revenue in FY2020. YoY growth of over 100%.
• Turned EBIDTA Profitable in 2019.
• Expects $150-180M in profits in FY20-21.
• Projected $1 Billion in Revenue for FY21.

Source: TechCrunch and Hindubusiness Line

FUNDING AND VALUATION

$2.1 Billion in 17 rounds.
24 Investors including Chan-Zuckerberg Initiative, Sequoia Capital and BlackRock.
$12 Billion Valuation

Source: Crunchbase

MANAGEMENT
Founder and CEO, Byju Raveendran- Began tutoring 11/12th graders in class 8, passed CAT exam
twice with 100percentile and has a degree in Mechanical Engineering.

MARKET SCOPE
• Ed-Tech Industry which was already growing, got great impetus from the pandemic and
subsequent lockdown as students opted for online tuition.
• Investments in this industry almost quadrupled ($2.2Billion).
• Byjus accounted for more than half and added 20 Million New Users.
• Ed-Tech Market in India is expected to grow from $2.8 Billion in 2020 to $10.4 Billion in
2025 in India. CAGR of 3.7% in 5 years.
• India has the 2nd largest ed-tech market in the world.
• Byju currently ranks 1,489 among websites globally having 35m monthly visitors,
• It is the 2nd most coveted ed-tech startup in the world (valuation).
• Global Ed-Tech market expected to reach $404Billion by 2025 with CAGR of 16.4%.
• Byjus would be at the centre of it all.

Source: Business World, Inc42 and TechCrunch

COMPETITION

19
 • There are a lot of players in ed-tech but Unacademy, Vedantu and Toppr are the only ones
who can be classified as competitors.
• Byjus has the highest market share.
• It acquired Toppr for $150 Million in 2021, further consolidating its dominance in the sector
in India.
• Valuation- $12bn (Byjus), $2bn (Unacademy), $600Mn (Vedantu)
• Paying Subscribers- 3.5Mn (Byjus), 350K (Unacademy), 75K (Vedantu)
• Byjus trumps all in terms of valuation and number of paying subscribers .
• Global expansion is also on the cards for the Unicorn startup, where it faces competition from
Yuanfudao (China) and Udemy (US).
• Both valued at over $5Billion.

Source: Business Insider, Financial Express, Livemint and Inc42

20
21