Separator

BYJU's Garners $1.2 Billion; Becomes India's 2nd Company to Raise Fund in TLB Round

Separator
BYJU's, the edtech decacorn that has had a golden year in terms of acquisitions and fundraising, has made headlines once again after securing a term loan B (TLB) capital round. In a TLB round, BYJU's garnered $1.2 billion.

BYJU's became the country's second company to raise a TLB fundraising round. OYO, the IPO-bound hotel incubator, received $660 million from worldwide institutional investors in July. The firm reported at the time that its offering had been oversubscribed by 1.7 times and that it had received pledges totaling about $1 billion from major institutional investors.

BYJU's will use the new funds to expand its offshore corporate operations, which means the company will likely buy other companies.

Kamal Yadav, Managing Director of Morgan Stanley said, “the historic success of BYJU’S TLB, as the largest unrated TLB from India and Asia as well as one of the largest unrated TLB globally in history, reflects the strong credit story of the Company as one of the largest and fastest growth Global Ed-Tech platforms with comprehensive suite of products for multiple age groups, many strong brands, differentiated immersive content to make children fall in love with learning”.

The revelations come about a month after the Bengaluru-based edtech unicorn secured $296 million in a Series F fundraising round at a valuation of $18 billion. Oxshott Venture Fund led the investment, with participation from Edelweiss, Verition Fund, MarketX Ventures and XNExponent Holdings.

The edtech decacorn secured additional $150 million in September from ARK Ncore, Mirae Asset, and Asmaan Ventures. The startup was valued at $16.8 billion at the time.

BYJU's has spent more than $2.6 billion on nine acquisitions so far this year, a new high. The purchases were primarily made to expand the company's product line and strengthen its local and international market position.