ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintSite TitleTitle ChevronIcon Twitter
DealStreetAsia

Indian startup Byju's raises $500m amid online learning boom

Latest round pushes valuation of edtech company to $10.8bn

Launched in 2015, Byju's offers learning programs for K-12 students, besides helping older students with preparation for exams. (Photo by Kosaku Mimura)

NEW DELHI -- Indian education technology unicorn Byju's has raised $500 million in a fresh round of funding led by US-based private equity company Silver Lake, DealStreetAsia has confirmed. The latest round pushed the valuation of the Bengaluru-based online education company to $10.8 billion.

According to a statement released by Byju's, the round also drew existing investors, including Tiger Global, General Atlantic and Owl Ventures.

"We are fortunate to be in a sector of positive relevance during this crisis. This has brought online learning to the forefront and is helping parents, teachers and students experience and understand its value," said founder and CEO Byju Raveendran in a media statement. "Our classrooms are changing possibly for the first time in 100 years and I'm really excited about the opportunities that we have to redefine the future of learning."

In June, Byju's also added Mary Meeker's tech investment company Bond to its investors' list, reportedly at a valuation of about $10.5 billion. Other prominent investors in Byju's include Naspers, Mark Zuckerberg's Chan Zuckerberg Initiative, Qatar Investment Authority, Lightspeed India Partners and Sequoia Capital.

"We are delighted to lead this investment and partner with Byju and his impressive team of education technology pioneers in their mission to help children in India and around the world achieve their true potential," said Silver Lake co-CEO Greg Mondre.

Launched in 2015, Byju's offers learning programs for K-12 students, besides helping older students with preparation for exams such as the JEE, NEET, CAT, IAS, GRE and GMAT.

Since pandemic-related lockdowns in March, Byju's says it has over 20 million new students using its platform for free. The company said its app currently has over 64 million registered students and 4.2 million annual paid subscriptions.

Byju's has also been active on the acquisition front. Last month, the company acquired Mumbai-based edtech startup WhiteHat Jr in an all-cash deal worth $300 million, marking its fifth acquisition to date. It also acquired US-based Osmo, a maker of educational games, for $120 million in January 2019.

The company has doubled revenue to 28 billion rupees in fiscal 2019 ended March from the previous year.

DealStreetAsia is a financial news site based in Singapore that focuses on corporate investment activity in Asia especially Southeast Asia and India. Nikkei owns a majority stake in the company.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends July 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media