Byju’s, the India-based education services provider backed by corporates Tencent, Bennett Coleman & Co (BCC) and Naspers, has secured roughly $300m at an $18bn valuation, TechCrunch reported yesterday.
Investment banking firm Oxshott Capital Partners led the close, participating alongside financial services firm India Infoline (IIFL), XN Exponent, Edelweiss Ventures, Verition Master Fund and Time Capital Advisors.
The funding is part of a new round that would potentially value the company at more than $21bn, according to a filing from research firm Tofler accessed by TechCrunch.
Byju’s has built an online platform that provides mock exams and study resources for students of all ages from kindergartners to adult learners. It is reportedly seeking an initial public offering next year that could give it a $50bn valuation.
The company closed a $150m series F round at a $16.9bn post-money valuation last month that was led by Asmaan Ventures and backed by Mirae Asset and Ark Ncore, according to a filing seen by Entrackr.
IIFL had joined Maitri EdTech Special Opportunities Fund in a $50m series F round for Byju’s in June this year. It came in the wake of a $340m round featuring financial services provider UBS, Blackstone, ADQ, Phoenix Rising–Beacon Holdings and Eric Yuan the previous week.
The round’s $1bn first close in April 2021 included Baron Funds, B Capital Group, XN Exponent Holding, Silver Lake Management, Owl Ventures, T Rowe Price, Disruptive Technology Solutions, Footpath Ventures, Prudential Assurance Company, GSV and Olay and Investments.
Media conglomerate BCC’s Times Internet unit participated in a $50m round for the company in 2016, that also featured returning investors Sequoia Capital India and Sofina in addition to Chan Zuckerberg Initiative and Lightspeed Venture Partners, lifting its total funding to almost $160m.
Byju’s had received $244m in funding across 2017, including $40m from internet technology group Tencent in July at an $800m valuation and $31m from Verlinvest four months before.
Naspers Ventures, the corporate venturing arm of media and e-commerce conglomerate Naspers now under the Prosus Ventures banner, led a $540m round for Byju’s at a $3.7bn valuation in 2018 that included Canadian Pension Plan Investment Board and General Atlantic.
Byju’s had completed a $150m round co-led by Qatar Investment Authority and Owl Ventures in mid-2019 at a $5.75bn valuation. Tiger Global Management injected $200m into the company in January 2020 and General Atlantic provided a further $200m the month after, valuing it at $8bn.
Silver Lake, Tiger Global Management, General Atlantic, Owl Ventures, DST Global and Bond Capital then supplied $500m in a September 2020 deal valuing the company at $10.8bn.
