India-based educational app developer Byju’s is in the process of raising $400m in a funding round led by Naspers Ventures, the corporate venturing arm of media group Naspers, the Economic Times reported today.
Canadian pension fund CPPIB and private equity firm General Atlantic are both participating in the round, with the latter also purchasing an undisclosed number of shares in a secondary transaction.
The company has already secured approximately $322m according to regulatory filings, and is expected to close the round at a valuation of $3.6bn.
Telecommunications conglomerate SoftBank was reportedly considering an investment in the company as part of a round sized at up to $250m, in July 2018, but does not appear to be participating.
Byju’s operates an app-based learning platform aimed at students aged 10 to 18, using online video courses to teach subjects. It has attracted 30 million registered students and 2 million annual paid subscribers to date.
The money will enable the company to support expansion efforts in India, the US, the UK and Australia, and will come as it develops a separate app aimed at younger pupils.
Byju’s most recently secured $100m from growth equity firm General Atlantic in October this year at a $2bn valuation, having reportedly received funding from internet company Tencent and media group Bennett, Coleman & Co (BCCL) in late 2017 at a $1bn valuation.
The company had previously raised a reported $244m in funding, closing a $40m round in July 2017 backed by Tencent, after BBCL subsidiary Times Internet backed a $50m round in September 2016 alongside Sequoia Capital, Chan Zuckerberg Initiative, Sofina and Lightspeed Venture Partners.
Other Byju’s shareholders include investment firm Verlinvest, which invested $31m in March 2017, as well as Aarin Capital and International Finance Corporation, the private investment arm of the World Bank, which injected $15m in late 2016.
