Led by Byju Raveendran, Bengaluru-based ed-tech startup Byju's is set to raise around $500-600 million in a new financing round which is slated to propel its valuation to as much as $14-15 billion.
Three people in the know of the development said Byju’s is in discussions with a group of investors, reports The Economic Times.
“B Capital, founded by Facebook co-founder Eduardo Saverin is among the investors which are likely to come on board. Some US investors and existing backers of the company will also participate in the new round,” said a person in the know of the matter.
The primary capital infusion is largely to fund Byju’s acquisition of Aakash Educational Services which is being pegged at $700-800 million in size, sources said. The company is also in the final stages of buying out Mumbai-based Toppr.
Byju's is set to acquire private Aakash Educational Services, which owns and operates more than 200 physical tutoring centres across the country.
Founded in 1988, Aakash Educational Services serves more than 2,50,000 students preparing for admissions to top engineering and medical colleges in the country.
Before the Aakash Education Services' acquisition, Byju's had last year also acquired coding platform WhiteHat Jr in a $300 million deal.
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