How This 37-year-old Former School Teacher Became India ’s Newest Billionaire

India

When Byju Raveendran left classroom about seven years ago, he had no idea that he would soon be included in the list of India ’s billionaires. Now, that has happened and he has got a lot of credit for his persistence. Today, he has joined India’s billionaire list after his Think & Learn Pvt secured $150 million in funding earlier this month.

India

Here Is The Deal 

  • The deal conferred a value of $5.7 billion on the company in which the founder owns more than 21%.
  • This brought the total valuation of the company developed by the former classroom teacher to almost $6 billion in about seven years.
  • This closing coincided with the announcement that the company’s Byju’s app — named after the founder — will team up with Walt Disney Co and take its service to American shores by early 2020.
  • In Byju’s latest funding round, the entrepreneur bought shares to maintain his equity level. Along with his wife and brother, the Raveendran clan now holds a total stake of about 35%.
  • Byju’s own fortunes have climbed alongside the market. Its revenues are expected to more than double to Rs 3,000 crore ($435 million) in the year ending March 2020, Raveendran said. That pace of growth has already caught the eye of some of the industry’s biggest investors from Naspers Ventures and Tencent Holdings Ltd. to Sequoia Capital and Facebook-founder Mark Zuckerberg and wife Priscilla Chan.

Byju’s Strategy

The Byju’s founder grew up in a village on India ’s southern coast where his parents were school-teachers. He was a reluctant pupil, playing hooky to frequent the football field, then learning on his own at home. 

He became an engineer and then began helping friends crack entry exams to top Indian engineering and management schools. 

The classes swelled until he finally began teaching thousands in sports stadiums, becoming a celebrity tutor who commuted between multiple cities during weekends.

Byju’s approach is simple — captivate kids by transforming the content to fit short attention spans. Raveendran has always harbored ambitions to crack English-speaking countries and has flown in YouTube stars to feature in his videos.

The 37-year-old entrepreneur — who has said he wants to do for Indian education what the Mouse House did for entertainment — is taking his biggest step yet geographically and creatively. 

Online learning is booming, perhaps nowhere more so than on Byju’s home turf, where internet usage is exploding because of the ubiquity of cheap smartphones and cut-price wireless plans. India’s online learning market is expected to more than double to $5.7 billion by 2020, according to the government-backed India Brand Equity Foundation.

He set up Think & Learn in 2011, offering online lessons before launching his main app in 2015. The business has signed up more than 35 million of whom about 2.4 million pay an annual fee of Rs 10,000 to Rs 12,000, helping it became profitable in the year ending March 2019. That’s when Raveendran began courting long-term investors such as pension funds and sovereign wealth funds — his latest backer is the Qatar Investment Authority.

In his new app, Disney staples from The Lion King’s Simba to Frozen’s Anna teach math and English to students from grades one through three. The same characters star in animated videos, games, stories and interactive quizzes.

“Kids everywhere relate to Disney’s Simba or Moana, who grip kids’ attention before we take them through the loop of learning,” said Raveendran, also chief executive officer.

India is going through a dramatic period of wealth creation — and destruction. A new breed of self-made entrepreneurs is joining the ranks of the well-heeled, helping the country’s ultra-rich population grow at the world’s fastest pace. Raveendran, at least on paper, assumes his place among those parvenus thanks to his effort in internet education.

Education technology for kindergarten through 12th grade is one of the fastest-growing segments of the country’s internet market (India), said Anil Kumar, chief executive officer of Redseer Management Consulting Pvt. 

“Indian education startups are well set to seize the global opportunity given that they already cater to a large English-speaking base and have created unique education content,” he said.

Those big-name backers buy Raveendran’s vision. 

In Disney, he may have found a ready-made audience. All the lessons on the new service with Disney are set in the context of the entertainment giant’s classics and stay true to the narrative. 

To explain temperature, the app sets up a scene where Frozen’s Elsa falls ill because she constantly plays with snow. 

Anna gets out the thermometer to gauge her fever and a little story is then built around heat and cold. Or, to learn shapes, young learners dive into the story of Cars where they have to sort items like tires, traffic cones, and billboards into buckets to learn about round, triangular and rectangular shapes.

“We are customizing Disney Byju’s to the American and British school curriculum,” Raveendran said. “The characters have universal appeal.”

 

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

Kevin Okyere, Billionaire Founder of Springfield Energy Honoured with Entrepreneurship Award at the FACE List Awards

Kevin Okyere

One of Africa’s youngest billionaire businessmen, the 39-year-old founder of Springfield Energy, Kevin Okyere will be honored with the Entrepreneurship Award at the FACE List Awards gala during the 2019 Pan-African Weekend in New York City July 18-21st. At the age of 11, Kevin Okyere was already showing interest in entrepreneurship as he sold iced water to football supporters at the Kumasi Sports Stadium in Ghana to make extra cash. This surprised many considering he was from a wealthy home.

Kevin Okyere
 

Born in 1980, Okyere completed his high school education in Ghana before moving to the United States where he studied Accounting at the George Mason University in Virginia while doing varying jobs including working as a security guard. Coming from the Ashanti region of Ghana, his father had made enough fortune in construction, steel manufacturing, and large-scale cocoa farming before becoming a traditional belief.

Yet, Okyere, with his entrepreneurial spirit, would take on jobs with textile companies in the U.K. during his family’s annual summer vacation trips to London, according to an article on Forbes. He would later, become the founder and Chief Executive Officer of the billion-dollar oil company, Springfield Group, a successful energy conglomerate in West Africa that he established and has managed for over 10 years.

Okyere has been able to build the Springfield Group from a $70 million investment into a $1 billion (annual revenue) multifaceted Ghanaian oil giant, according to Forbes. An entrepreneur, Kevin uses his razor-sharp skills in business strategy, finance and negotiations to envision and execute high-end commercial and developmental projects. Kevin is widely recognized by his peers, and local and international media as one of the pioneers in Africa’s energy sector.

In 2008, Kevin established Springfield Energy, one of the leading energy actors in Ghana who over a period of five (5) years, has supplied 12.5% of Ghana’s petroleum products requirement. The Company has also supplied hydrocarbons into other countries along the Gulf of Guinea. The Company is the first Ghanaian Independent Firm to lift crude oil from the TEN field (Ghana).

Kevin established Springfield Ashburton Limited in Nigeria, the only indigenous Ghanaian company to be involved in energy-related trade out of Nigeria. Kevin is the driving force behind Springfield Exploration & Production Ltd, the first wholly owned independent Ghanaian firm to own and operate a deep offshore oil block in Ghana. As a matter of fact, Springfield E&P is the only African company to own and operate a deep offshore asset.

Previously, Kevin operated a telecommunications company in Ghana after leaving a thriving career in the Accounting and Finance sector in the USA. He sits on the board of numerous companies including Aker Solutions Ghana Limited, a joint venture between Fairfax Oilfield Services Limited, a Springfield Group Company, and Aker Solutions of Norway, a leading global provider of oil field services. He also holds a highly influential position as a board member of the Society of Petroleum Engineers (Ghana Section).

Kevin is also a passionate leader and public speaker. He has engaged with business leaders, entrepreneurs, and students at Harvard Business School and the University of Ghana Business School on the topics of energy, governance, and entrepreneurship in Africa.

He is an esteemed philanthropist, establishing alongside the Springfield Foundation, the Kevin Okyere Foundation, an entity that delivers impactful initiatives in health and education.
The FACE List Awards are a prestigious celebration of pan-African achievement that honor the black diaspora’s most influential pioneers and trailblazers, while providing an opportunity for the business community to connect and celebrate our success stories.

 

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/