Byju's bags fund from Mary Meeker's VC firm

Team StartupcityByju's, India's largest education technology company has announced a new round of funding from BOND, Mary Meeker's growth stage fund. It is said that the investment is likely to be under $100 million and values the company at $10.5 billion.

The latest financing comes after Tiger Global had ploughed $200 million in Byju's valuing the Bengaluru-based firm at about $8 billion in January this year. At the time, ET had reported that the company was likely to raise further funding of $1 billion through the course of this year and was in talks with multiple investors, including certain US-based endowment funds.

Meeker, a former partner at marquee Silicon Valley venture firm Kleiner Perkins and known for her comprehensive Internet Trends reports,
launched Bond, a $1.25 billion growth investment fund last year.

Byju's did not disclose the amount of funds raised from Bond or its valuation, however it said it has over 57 million registered students, more than 3.5 million paid subscribers with an annual renewal rates as high as 85 per cent. It also said in a prepared statement that it doubled its revenue from Rs 1,430 crore to Rs 2,800 crore in FY 19-20.

Byju Raveendran, founder & CEO, said in a statement, "This partnership is a testament to the role that Byju's is playing in helping students learn better by customising our platform to their abilities. It also demonstrates the rising global interest in education technology as digital learning becomes increasingly accepted and embraced."

Byju's said it has seen significant growth over the past year further helped by lockdown restrictions that led to the shutdown of schools nationally. To aid this growth, Byju's has made content on its learning app free for all students and also recently introduced live classes on its platform.

"Byju's has emerged as a clear leader in education technology. We are excited to support a visionary like Byju and his team in their quest to continue to innovate and shape the future of education," said Meeker, General Partner at Bond.