Can the ed-tech boom last?

BYJU’S WAS piling on users even before covid-19 closed classrooms around the world. India’s most valuable private startup was co-founded in 2011 by Byju Raveendran, a celebrity maths tutor whose classes have drawn crowds big enough to fill stadiums. By 2019 tens of millions of Indian children had signed up to use the firm’s flagship product, an app that serves up online lessons intended to supplement regular schooling. That year Byju’s began sponsoring India’s national cricket team.

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Since then India’s schools have spent more time shut than open—and the fortunes of Byju’s have only improved. The

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