Byju plans to raise a fresh $700 million, valuation likely to cross $15 billion
Edtech firm Byju's is close to raising around $600-700 million from new and existing investors in fresh funding round. The deal is estimated to lift the Bengaluru-based company's valuation to about $15 billion from $12 billion.
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Edtech firm Byju's is close to raising around $600-700 million from new and existing investors in fresh funding round. The deal is estimated to lift the Bengaluru-based company's valuation to about $15 billion from $12 billion.
The funds will be used to buy Aakash Educational Services, a company that runs a chain of brick-and-mortar test preparation coaching centres. While the deal is yet to be announced, it was reported in January that Byju's will acquire Aakash Educational Services for $1 billion.
This is the first financing round for Byju's in 2021. The company was on a fundraising spree in 2020, raising over $1 billion in a year.
The company founded by Byju Raveendran has raised about $2.1 billion from investors so far. India's second most valuable start-up is backed by Mark Zuckerberg's Chan Zuckerberg Initiative, Tiger Global Management, and Bond Capital, co-founded by Silicon Valley investor Mary Meeker.
Bjyu's caters to over 70 million users in more than 1,700 cities in India, creating educational content for students from kindergarten to the 12th grade. It claims to be adding more than 5 million users a month.
