Online learning firm Byju's has raised $1 billion in 2020 alone. That's more than all other ed-tech startups combined, and more than what Byju's raised in the last 5 years. Most obviously, Byju's is making the most of the pandemic, which has boosted online learning big time. But as it gets deeper into the India market, the capital is also meant for large acquisitions in the US, where education is much more expensive and buyouts give inorganic growth. This money can also scare away competition, and investors may find it hard to fund a rival to such a well-funded company.