Byju’s, an India-based online education service backed by corporate investors Bennett Coleman & Co (BCC), Naspers and Tencent, has received Rs 33.3bn ($457m) in series F funding, Entrackr reported on Sunday.
Investment firm MC Global Edtech Investment led the close, which included Arison Holdings, two vehicles for venture capital firm B Capital Group, Baron Emerging Market Fund, Baron Global Advantage Fund, TCDS, Tiga Investments and XN Exponent Holding, according to a regulatory filing seen by Entrackr.
The deal valued the company in excess of $13bn, according to data platform Fintrackr. Series F fundraising efforts are ongoing, and Entrackr added Byju’s will likely receive an additional $150m in the tranche, potentially bringing its valuation past $15bn. Byju’s’ promoters, including Byju Raveendran and family, now hold a 26.1% stake.
Founded in 2011, Byju’s has built an app with educational offering targeting children and adolescents aged between 4 and 18. The platform also provides exam preparation and gamified learning tools.
The company raised more than $1bn in 2020, having received $500m in a September 2020 round led by private equity firm Silver Lake, valuing it at $10.8bn. Tiger Global Management, General Atlantic and Owl Ventures also took part, as did DST Global, which had put up $122m the month before, and Bond Capital, which invested $23.5m in June.
General Atlantic provided $200m for Byju’s in February 2020 at an $8bn valuation, following a $200m round from Tiger Global a few weeks before.
Qatar Investment Authority and Owl Ventures supplied $150m for Byju’s in July 2019, valuing it at $5.75bn post-money, seven months after internet and e-commerce group Naspers’ corporate venturing subsidiary, Naspers Ventures (now Prosus Ventures), led a $540 primary and secondary round, investing with Owl Ventures and Canadian Pension Plan Investment Board at a $3.7bn valuation.
Before that, Byju’s had secured $244m in total, with internet group Tencent injecting $40m in 2017. BCC contributed to a $50m round a year earlier through its Times Internet unit, participating with Chan Zuckerberg Initiative, Lightspeed Venture Partners, Sequoia Capital and Sofina, while Aarin Capital and Verlinvest are also shareholders.
