Byju’s, an India-based educational app developer backed by corporates Tencent and Times Internet, has received $100m in funding from growth equity firm General Atlantic, Business Standard reported on Friday.
General Atlantic made the investment through local subsidiary General Atlantic India, acquiring a 5% stake and valuing Byju’s at $2bn.
The company was first reported in August this year to be seeking between $200m and $250m from investors including internet and telecommunications conglomerate SoftBank, though it does not appear to have invested yet.
Byju’s operates an app-based studying and tutoring platform aimed at students in primary and secondary education, helping them prepare for national and overseas exams. It focuses on maths and science, and has reportedly grown its customer base to 20 million users.
The company has now raised $344m in total, including $40m in a July 2017 round featuring internet group Tencent.
Byju’s had previously received $50m in a September 2016 round that included Times Internet, a unit of media group Bennett, Coleman & Co, as well as Sequoia Capital, Chan Zuckerberg Initiative, Sofina and Lightspeed Venture Partners.
Other shareholders in Byju’s include investment firm Verlinvest, which supplied $31m in March 2017, as well as investment firm Aarin Capital and International Finance Corporation, the private investment arm of the World Bank, which provided $15m in December 2016.
