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Edtech Decacorn Byju’s raises Rs 2200 crore in funding

Edtech Decacorn Byju's raises Rs 2200 crore in funding

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Edtech Decacorn Byju’s raises Rs 2200 crore in funding

Edtech decacorn Byju’s is raising USD 296 Mn (Rs 2200 cr) as new investment, which appears to be part of its ongoing Series F round. The new financing round led by Oxshott Venture Fund will likely enhance its valuation to $18 billion, up from a valuation of $16.5 billion in June this year.

Investors Edelweiss, Veriton Fund, XN Exponent Holdings, and MarketX Ventures will also be participating in this round of funding, according to regulatory filing accessed by research firm Tofler. Byju’s issued 77,174 shares to these investors, with Oxshott alone buying over 40,000 shares, at a share price of Rs 2,85,062 (each).

The latest capital exercise comes few weeks after BYJU’s bagged USD 150 Mn from Asmaan Ventures and ARK Ncore as part of its USD 1 Bn round. The fresh infusion appears to be the second tranche of this round. Byju’s, which has over 100 million registered students and 6.5 million paid subscribers, has been on an acquisition spree. The edtech major had recently announced the acquisition of Gradeup, one of India’s largest online exam preparation platforms, for an undisclosed amount. The company has so far spent $2.6 Bn for acquiring 9 companies.

Byju’s has seen profit more than double to ₹50.76 crore in FY20 with the sale of tablets, SD cards and books getting it the bulk of its revenues. Byju’s standalone income from operations of ₹2,110 crore came from three major businesses – tuition fee ( ₹144 crore), sale of education tablets and SD cards ( ₹1,675 crore) and sale of reference books ( ₹560 crore)

Also Read: Samsung Galaxy M52 5G with triple cameras unveiled in India: price, offers, and specifications

According to the IIFL Wealth Hurun India Rich List 2021, the study-from-home trend which has been promoted on the back of the pandemic led Raveendran and Family’s fortune to grow 19 percent year-on-year to Rs 24,300 crore.

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  1. Pingback: funding roundup: Venture funding tops USD 1.3 bn, 3 new unicorns created

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