Byju’s, an India-based educational app developer backed by media company Times Group, has raised about Rs 200m ($31m) in funding from investment firm Verlinvest, Times of India reported on Tuesday.
The investment, provided as series E funding, may have valued Byju’s at up to Rs 45bn ($690m), undisclosed sources told TOI. The company could seek to expand the round by seeking additional funds from other investors.
Byju’s has built a learning app that has attracted more than 3.5 million students to its platform. About 15% of its users are located outside India, according to TOI, and the new financing will support international growth.
The round boosted Byju’s overall funding to approximately $196m and follows a $15m investment by multilateral institution World Bank’s private investment arm, International Finance Corporation, in December 2016.
Times Internet, a subsidiary of Times Group, participated in a $50m round for the company in September 2016 that was co-led by Sequoia Capital and Chan Zuckerberg Initiative and backed by Sofina and Lightspeed Ventures.