Bengaluru-based Indian education technology (edtech) and online education start-up Byju’s – the learning app is raising about 200 million dollars (around Rs.14, 83 crores) in a fresh funding round from American speculation businesses T Rowe Price and BlackRock at an estimate of $12 billion, which is close to 1 billion dollars greater when compared with the prior round.
However, the online education startup buyju’s had the last raise of 500 million dollars in September from a group of investors, including private equity company Silver Lake Partners, as well as current investors General Atlantic, Owl Ventures, and Tiger Global, to the tune of $10.8 billion.
Founder Byju Raveendran had said that the firm has reached a point where it has an option to make an IPO (initial public offer) sooner, although the schedule is still not decided whereas a second person said that Byju’s is not only eyeing international enlargement actively but also looking at strategic inorganic growth.
Moreover, firms such as BlackRock, Sands Capital, and Alkeon Capital joined as new capitalists, with an appreciation of 11.1 billion dollars and the increase in shareholder profit also launched Byju’s into India’s second most valuable startups that are valued at more than 10 billion dollars.
Since the coronavirus (COVID-19) pandemic and lockdowns, Byju’s learning app has added more than 25 million new students to its programme, and the app has over 73 million enrolled students and 5.1 million paid annual subscriptions.
In January, the firm was estimated at $8 billion when it elevated 200 million dollars in equity financing from the New York-based hedge fund Tiger Global Management. From that moment, Byju’s valuation has surged by a further 35 percent.
Lastly, the Indian education technology firm Byju’s has introduced an online-tutoring platform (Byju’s Classes) to meet the after-school learning needs of students, and programs for learning several vernacular languages such as Hindi, Kannada, Malayalam, and Gujarati were also introduced during the coronavirus epidemic lockdown.