Venture Capital: Indian Online Learning Startup BYJU’S Raises $500M Amid Red-Hot VC Interest in Edtech
BYJU’S is the only internet company to raise over $1 billion this year.
About a week ago, BYJU’S raised $ 122 million from DST Global.
The current funding is the fifth tranche in its Series F round.
A person familiar with the matter told YourStory that after this fundraise, BYJU’S commands a valuation of $ 10.8 billion.
Apart from Silver Lake, other marquee investors that participated in the funding round included Tiger Global, General Atlantic, and Owl Ventures.
The COVID 19 pandemic and the resultant lockdowns have proved to be a shot in the arm for online learning. According to BYJU’S, over 20 million new students have started to learn free on the platform since the lockdown.
“We are fortunate to be in a sector of positive relevance during this crisis,” said Byju Raveendran, Founder and CEO, BYJU’S in a statement welcoming Silver Lake’s investment. “This has brought online learning to the forefront and is helping parents, teachers and students experience and understand its value. Our classrooms are changing possibly for the first time in 100 years and I’m really excited about the opportunities that we have to redefine the future of learning.”
Over 64 million students have registered on its app and annual paid subscriptions number about 4.2 million.
Revenue has doubled from Rs 1,430 crores ($194 million) to Rs 2,800 crore ($380 million) in the financial year 19-20.
“We look forward to working with them as BYJU’S builds on and accelerates its compelling growth trajectory by forging new partnerships and continuing to cultivate a comprehensive ecosystem of innovative educational offerings,” said Greg Mondre, Co-CEO of Silver Lake.
Growth via acquisition, too
Earlier this month, BYJU’s announced its acquisition of WhiteHat Jr for $ 300 million. WhiteHat, an 18-month-old EdTech start-up, will help BYJU’s expand its educational offerings in India. It will also develop coding skills from early classes as required by the New Education Policy, 2020.
BYJU’s is reportedly also said to be in talks to acquire doubt clearing platform, Doubtnut.
Related Story: Owl Ventures Raises $585M For Investments in Global Edtech
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