Qatar Investment Authority has raised 150 million dollars for Byju’s, a learning app for kids. It has been valued at more than 5.5 billion dollars, with Owl Ventures also raising additional money. Byju’s is planning to use this money to expand worldwide.
Byju’s is one of India’s sixteen unicorn companies (see article: Unicorns are Real? for more), and in 2018 rose along with seven other companies to cross the one billion dollar mark. It is also the world’s most valued education through a technology company, at 5.5 billion. But this app came into existence only a year or two ago and does not have a physical product, but rather a service.
India has been helping more and more such businesses become bigger and successful. India is also the fastest growing economy with an annual growth rate above 9%. This was due to the rise of small businesses, job increases and IT services. But to maintain this growth, India will have to invest in concepts such as intellectual property.
Intellectual property is the creative minds of a nation’s individuals. This means, that instead of a business being based on a physical product, it is run by offering a service, which is a way of thinking creatively. An idea can be made into a money-making business, without needing an actual product,which changes the way business works. Every country needs intellectual property to grow and progress. India has introduced programs such as the Make in India program to allow the growth of intellectual property. It has realised its importance and has encouraged education and specialised training to better improve the growth of it.
What do you think? Should India keep encouraging such initiative? the down below…