Byju Raveendran, Founder of Byju’s (Hemant Mishra/Mint via Getty Images)Bengaluru-based ed-tech startup Byju's has raised about $340 million from a clutch of renowned investors like the UBS Group, Blackstone, Abu Dhabi's sovereign wealth fund ADQ, Phoenix Rising-Beacon Holdings and Zoom founder Eric Yuan, reports Economic Times.
The latest funding is said to be a part of $1.5 billion fundraising which the company had begun in April. In April, the company had raised more than $1 billion from notable investors like Baron Funds, Facebook co-founder Eduardo Saverin’s B Capital Group, and US-based hedge fund XN Exponent Holding.
The latest round has valued the company at $16.5 billion. This makes Byju's the most-valued startup in India. It should be noted that Vijay Shekhar Sharma led Paytm, which had so far held the crown to itself was valued at $16 billion during its last fundraising in late 2019.
In 2019, Byju's had raised a total of $533 million. Thereafter, in 2020, Byju's alone accounted for around $1 billion of the $2.2 billion raised by the entire set of Indian ed-tech startups.
Meanwhile, Byju's has also been on an acquisition spree lately, having acquired companies like Aakash Educational Services, WhiteHat Jr, Scholr, Osmo and Toppr. The closure of Toppr's acquisition is still to be announced. It is also said to be in talks with Gradeup and Great Learning.
An Appeal...
Dear Reader,
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.