India-based educational software provider Byju’s has received $31m in funding from internet group Tencent and growth equity firm Growth Atlantic, DealStreetAsia has reported, citing a regulatory filing seen by Paper.vc.
Tencent invested $6m while General Atlantic provided $25m, in a round that valued the company at about $5.4bn.
Byju’s has built a mobile app that helps primary and high school children learn, through a personalised offering. It has 33 million registered users, 2.2 million of which pay for annual subscriptions.
The company had previously raised almost $790m in funding since being founded in 2011. It secured $540m at a $3.6bn to $3.7bn valuation, in a December 2018 round led by media and e-commerce group Naspers’ corporate venturing unit, Naspers Ventures, and backed by General Atlantic and Canadian Pension Plan Investment Board.
Other investors in Byju’s include Times Internet, media group Bennett, Coleman & Co’s online services arm, as well as Sequoia Capital, Sofina, International Finance Corporation, Verlinvest, Aarin Capital, Lightspeed Venture Partners and Chan Zuckerberg Initiative in September 2016.
