Byju’s, an India-based online education provider that counts corporates Naspers, Tencent and Bennett Coleman & Co (BCC) as investors, has received about $150m in series F funding, Entrackr reported today.
The round was led by Asmaan Ventures and included Mirae Asset and Ark Ncore, according to a regulatory filing. Entrackr estimated the capital was raised at a $16.9bn post-money valuation.
Founded in 2011, Byju’s offers a wide range of practice exams and study materials across a wide range of ages and subjects, including in adult education.
IIFL and Maitri EdTech Special Opportunities Fund had provided $50m in series F funding for Byju’s in June this year, a week after financial services firm UBS, Blackstone, ADQ, Phoenix Rising–Beacon Holdings and Eric Yuan had supplied $340m.
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 had invested $1bn in the round’s first close.
BCC subsidiary Times Internet took part in a $50m round for Byju’s in 2016 alongside existing backers Sequoia Capital India and Sofina as well as Chan Zuckerberg Initiative and Lightspeed Venture Partners, boosting its overall funding to nearly $160m.
The company secured a total of $244m in 2017, including $40m from Tencent in July at an $800m valuation and $31m from Verlinvest in March.
Naspers Ventures, the investment vehicle for media and e-commerce group Naspers since folded into Prosus Ventures, led a $540m round for Byju’s in 2018, participating together with Canadian Pension Plan Investment Board and General Atlantic at a $3.7bn valuation.
Byju’s increased its valuation to $5.75bn in a $150m round co-led by Qatar Investment Authority and Owl Ventures in mid-2019. Tiger Global Management invested $200m in the company in January 2020 and General Atlantic added $200m the following month, valuing it at $8bn.
Silver Lake, Tiger Global Management, General Atlantic, Owl Ventures, DST Global and Bond Capital provided a further $500m in September 2020 at a $10.8bn valuation.
