Online learning platform Byju’s has raised $500 million in a fresh round of funding led by US-based private equity (PE) investor Silver Lake.
The existing investors Tiger Global, General Atlantic and Owl Ventures have also participated in the funding round.
Silver Lake’s investment into edtech platform Byju’s comes shortly after the PE investor picked up a 0.93% stake in telecom major Reliance Jio for ₹4,546.8 crore in August.
Byju’s is an E- Learning application which prepares students pursuing in undergraduate and graduate-level courses.
And in recent years it has also expanded its catalog to serve all school-going students.
Tutors on Byju’s app tackle complex subjects using real-life objects such as pizza and cake.
About Funding and Valuation
The new round values Byju’s at $10.8 billion, up from its last valuation at $10.5 billion.
This is a separate corporate round different from the earlier Series F round which was closed in August 2020.
There are more new international investors who are expected to fund Byju’s in the next few quarter.
Earlier Funds raised by Byju’s
This year, so far, Byju’s has raised around $1 billion in funding including its Series F rounds which saw Tiger Global and General Atlantic earlier investing $200 million each.
On 27th August 2020, the edtech unicorn also raised $122 million funding from DST Global, the investment fund headed by tech billionaire Yuri Milner.
Prior to this in June 2020, Byjus had secured another $100 million from US technology investor Bond.
Byju’s has seen over 20 million new students start learning from its platform for free.
Today, the app has over 64 million registered students and 4.2 million annual paid subscriptions.
Byju’s Q 1 Performance
BYJU’S had doubled its revenue from ₹1,430 crore to ₹28,00 crore in FY 19-20.
Last month, Byju’s acquired WhiteHat Jr., a Mumbai based coding platform.
Comment from CEO of Byju’s
We are fortunate to be in a sector of positive relevance during this crisis.
This has brought online learning to the forefront and is helping parents, teachers and students experience and understand its value.
Our classrooms are changing possibly for the first time in 100 years and I’m really excited about the opportunities that we have to redefine the future of learning.
Comment from CEO of Silver lake
We are delighted to lead this investment and partner with Byju and his impressive team of education technology pioneers in their mission to help children in India and around the world achieve their true potential,” Co- CEO, Greg Mondre