Byju’s raises USD 460 million in funding round led by MC Global Edtech
Category: #headlines |   By Pankaj Singh |   Date: 2021-03-30

Byju’s raises USD 460 million in funding round led by MC Global Edtech

Byju’s, an Indian multinational education technology and online tutoring firm has reportedly secured around USD 460 million during a Series F funding round which was led by MC Global EdTech Investment Holdings.

B Capital Group, which is owned by Facebook Co-founder Eduardo Saverin had also participated in the fundraising, along with other investors including Tiga Investments, Arison Holdings, XN Exponent Holdings, and TCDS (India) LP among others.

The funding round consisted of an allotment of 1,40,233 compulsory convertible preference shares, bringing Byju’s market valuation to a whopping USD 13 billion, as per regulatory filings.

MC Global Edtech Investment Holdings had shelled out USD 225 million and acquired a 1.73% share in the EdTech company, sources confirmed. Meanwhile, B Capital now holds a 0.59% stake in Byju’s after investing over USD 77 million from two separate entities.

Sources revealed that Byju’s was previously in talks to raise over USD 500-600 million from a pack of investors including B Capital to fund the buyout of Aakash Educational Services for as much as USD 700-800 million.

This is Byju’s first investment round in 2021, after the company raised USD 1 billion last year, as the pandemic shifted the entire education system to online learning.

The company had acquired 20 million users in the first four months of the pandemic, while it had taken them four years to acquire their initial 40 million customers.

Byju’s has been on an acquisition spree in the past few years. It had acquired WhiteHat Jr, a coding platform for kids, for USD 350 million last year, as well as Osmo, a hands-on educational digital/physical game platform for kids for USD 120 million in 2019.

Byju’s recorded a revenue run rate of USD 819.8 million in July 2020. With USD 382.6 million revenue in the financial year ended 2020, Byju will have grown more than twice by 2021 in terms of revenue generation.

Source Credit –

https://economictimes.indiatimes.com/tech/funding/byjus-raises-460-million-in-funding-valuation-soars-to-over-13-billion/articleshow/81744614.cms

 

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