India-based online education provider Byju’s has received Rs 750m to Rs 800m ($10.7m to $11.4m) of funding from investors including internet group Tencent, the Economic Times reported on Monday.
Tencent was joined by growth equity firm General Atlantic, which provided $4.8m of the funding, according to a regulatory filing seen by Paper.vc.
Byju’s runs an online education platform that had 1.3 million paying users as of December 2018, founder Byju Raveendran told TechCrunch. He also said it was adding some 150,000 paying subscribers a month.
The new funding comes three months after media and e-commerce group Naspers led a $540m primary and secondary funding round for Byju’s through its Naspers Ventures unit, investing with General Atlantic and Canadian Pension Plan Investment Board.
The December round valued Byju’s at between $3.6bn and $3.7bn and followed a total of $244m from investors including Tencent as well as media group Bennett, Coleman & Co’s Times Internet subsidiary.
Sequoia Capital, Sofina, Lightspeed Venture Partners, International Finance Corporation, Verlinvest and Chan Zuckerberg Initiative are also among the company’s earlier backers.
