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Bengaluru-Based Byju's Sees Its Valuation Jump To Over 13 Billion As Ed-Tech Major Raises Another $460 Million
Byju's learning app (Website/Amazon AWS)
Led by Byju Raveendran, Bengaluru-based ed-tech startup Byju's has raised around $460 million in a new financing round at a valuation of a little over $13 billion, reports Economic Times.
The latest funding round (Series F) was led by MC Global Edtech Investment Holdings LP. It has acquired a 1.73 per cent stake in Rs 1,628 crore.
The round also saw participation from several other investors including B Capital which has been founded by Facebook co-founder Eduardo Saverin. B Capital has lapped up a 0.59 per cent stake in the company for Rs 561 crore.
Other investors in the round include Tiga Investments, TCDS (India) LP, Arison Holdings, XN Exponent Holdings, Baron Emerging Markets Fund and Baron Global Advantage Fund, which have together picked up a 1.21% stake in the company.
The ed-tech company is likely to use the funds raised to fund its acquisition of Aakash Educational Services which is being pegged at $700-800 million in size. Byju's is set to acquire private Aakash Educational Services, which owns and operates more than 200 physical tutoring centres across the country.
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