Byju's Raises $460 Million at a Whopping Valuation of $13 Billion
India’s most prominent edtech player, Byju's has raised Rs 3,328.23 crore ($460 million approximately) as part of its ongoing Series F funding round led by MC Global Edtech Investment Holdings. With the firm raising this year’s first funding its valuation has skyrocketed to $13 billion.
The round also saw participation from Facebook co-founder, Eduardo Saverin’sB Capital, Baron Global Advantage Fund, XN Exponent Holding, Arison Holdings, TCDS (India), and TIGA (India). The company intends to utilize fresh funds for working capital requirements and business expansion.
According to filings, BYJU'S issued 1,40,233 compulsorily convertible preference shares (CCPS) at a face value of Rs 10 with a premium of Rs 2,37,326.33. A majority share in this round of funding was taken by MC Global with the allotment of 68,613 CCPS followed by Baron at 24,535 and B Capital at 23,622. MC Global now holds a 1.73 percent stake in the company and B Capital holds 0.59 percent.
Byju’s was the star startup throughout 2020, having raised over $1 billion during one of the toughest years for the economy. The edtech sector has been one of the biggest winners during the global pandemic and the resultant lockdown. With educational institutions being shut, the need for remote learning saw a steep increase throughout last year. Edtech funding grew from $522 million in 2019 to an all-time high of $2.2 billion in 2020 according to the Indian Private Equity and Venture Capital Association (IVCA). The trend does not seem to be fading anytime soon.
The edtech unicorn has also been on a spree to acquire promising startups such as WhiteHatJr and Akash Educational Services.
Byju’s also said that it had acquired 20 million customers in the first four months of the pandemic.
In July last year, the firm had achieved a revenue run rate of Rs 6,000 crore and in FY20, it had clocked revenue of Rs 2,800 crore.
The round also saw participation from Facebook co-founder, Eduardo Saverin’sB Capital, Baron Global Advantage Fund, XN Exponent Holding, Arison Holdings, TCDS (India), and TIGA (India). The company intends to utilize fresh funds for working capital requirements and business expansion.
According to filings, BYJU'S issued 1,40,233 compulsorily convertible preference shares (CCPS) at a face value of Rs 10 with a premium of Rs 2,37,326.33. A majority share in this round of funding was taken by MC Global with the allotment of 68,613 CCPS followed by Baron at 24,535 and B Capital at 23,622. MC Global now holds a 1.73 percent stake in the company and B Capital holds 0.59 percent.
Byju’s was the star startup throughout 2020, having raised over $1 billion during one of the toughest years for the economy. The edtech sector has been one of the biggest winners during the global pandemic and the resultant lockdown. With educational institutions being shut, the need for remote learning saw a steep increase throughout last year. Edtech funding grew from $522 million in 2019 to an all-time high of $2.2 billion in 2020 according to the Indian Private Equity and Venture Capital Association (IVCA). The trend does not seem to be fading anytime soon.
The edtech unicorn has also been on a spree to acquire promising startups such as WhiteHatJr and Akash Educational Services.
Byju’s also said that it had acquired 20 million customers in the first four months of the pandemic.
In July last year, the firm had achieved a revenue run rate of Rs 6,000 crore and in FY20, it had clocked revenue of Rs 2,800 crore.
