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Company valuation increased from $10.8 billion to $12 billion after a fresh round of financing.
Edu-tech major Byju’s is raising about $200 million (about Rs 1,483 crore) in fresh financing from investors, including BlackRock and T Rowe Price, according to sources.
The creation comes around two months after Byju’s raised about $500 million (around Rs 3.672 crore) in a round that was valued $10.8 billion to the firm.
Sources indicate that Byju’s obtained $200 million in a fresh round of funding that raised the company’s value to $12 billion. Sources indicated that private equity players BlackRock and T Rowe Price are investing in the new round.
This year, Byju’s has mobilised significant capital
Byju’s raised funding from the multinational technology investment company BOND in June, while it raised about $200 million in funding from General Atlantic in February. Byju’s regulatory filings at the Ministry of Corporate Affairs in August showed that the company had obtained around Rs 909 crore from billionaire Yuri Milner-led DST Global giving the entity 1.2 per cent shareholding in the edu-tech company.
In September of this year, Byju’s raised funds from Silver Lake and existing investors, Tiger Global, General Atlantic, and Owl Ventures.
At the time, Byju’s had said that more than 20 million new students had started learning free of charge from its platform since the lockdown (which took place in March). The Edu-Tech sector has seen strong global growth, with the COVID-19 pandemic serving as an inflection point.
While a number of players have raised fresh capital from investors, consolidation is also seen in the industry with deals such as Unacademy acquiring PrepLadder for USD 50 million and Byju buying WhiteHat Jr for USD 300 million.
Byju’s app has more than 70 million registered students and 4.5 million annual paying subscriptions. In FY19-20, the company doubled its revenue to Rs 2,800 crore from Rs 1,430 crore in the previous fiscal year.