Byju’s launches its subsidiary in Doha after FIFA world cup sponsorship

India’s edtech giant Byju’s has signed a memorandum of understanding with the Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar government, to set up a wholly-owned subsidiary in Doha, Qatar. The Bengaluru-headquartered firm said in a statement that the company will introduce personalised and innovative learning offerings and set up a research and development center in Doha.

The new entity in Doha will drive research and innovation to create cutting-edge learning solutions customised for students in the MENA region, as per an official statement.

The announcement comes on the heels of Byju’s announcing last week that it will be the title sponsor of the FIFA World Cup, Qatar 2022, without disclosing the valuation of the sponsorship. This also indicates a major thrust of the Byju Raveendran-led firm to expand to global markets beyond the US ahead of its proposed IPO.

Notably, the QIA had led a $150 million investment round in Byju’s in 2019.

Raveendran, founder and CEO of Byju’s and Mansoor Al-Mahmoud, CEO of QIA, signed the MOU in the presence of Sheikh Mohammed Bin Abdulrahman Al-Thani, Deputy Prime Minister and Foreign Minister of the State of Qatar and Chairman of QIA, as well as representatives of Byju’s in Doha at the 2022 Doha Forum held on March 26 and 27.

As per the MoU, QIA and Byju’s will initially work together to set the stage for the MENA-focused online education business. The new entity, which will be a wholly-owned subsidiary of Byju's in Qatar, will introduce Byju's personalised and innovative learning offerings to the region. Additionally, it will also set up a brand-new research and development center in Qatar to create customised learning content and products in the Arabic language.

“QIA is supporting Qatar’s national vision of economic diversification and building a knowledge-based economy. This agreement demonstrates QIA’s commitment to enabling innovations that can benefit the young people of our region,” said Sheikh Mohammed Bin Abdulrahman Al-Thani.

“The goal at Byju's has always been to empower students around the world with the powerful synergy of pedagogy and technology and create life-long learners. As we continue to witness accelerated growth in Indian and international markets, we are excited to partner with QIA in this next phase of expansion, development and building new innovations in learning in the MENA region.  Together we hope to achieve stronger development outcomes. With a sustained focus on creating life-long value for our learners, this partnership with QIA is a significant step in realising our vision,” Raveendran said.