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

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

 

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Pankaj Singh    

Pankaj Singh

With a commendable experience of content creation under his belt, Pankaj Singh, a qualified Post Graduate in Management, boasts of having worked as a freelance writer and an insurance underwriter. Additionally, Pankaj has also enriched his qualification portfolio with...

Read More

More News By Pankaj Singh

Telenor and Axiata in final talks to merge Malaysian mobile operations
Telenor and Axiata in final talks to merge Malaysian mobile operations
By Pankaj Singh

Telenor ASA, a Norwegian state-owned telecommunications company, and Axiata Group Berhad (Axiata), a multinational telecom conglomerate, are in final discussions to merge their Malaysian mobile operations, Digi and Celcom. The two parties will repor...

Meesho secures USD 3 million in funding round, acquires unicorn status
Meesho secures USD 3 million in funding round, acquires unicorn status
By Pankaj Singh

Bengaluru-based social commerce platform Meesho reportedly secured USD 300 million during its latest funding round which was led by Softbank Vision Fund 2. The fresh investments are likely to be used to enhance the skills of employees across various ...

Volvo partners with Aurora Innovation to develop autonomous trucks
Volvo partners with Aurora Innovation to develop autonomous trucks
By Pankaj Singh

In a bid to comply with the strict environmental reforms, several automakers have been altering their business models to produce self-driving and fully electric vehicles. Two of such companies, Volvo Autonomous Solutions, and Aurora Innovation, have ...