BENGALURU: Byju’s has raised yet another big funding, $300 million, that values the firm at $18 billion. In the last round of funding earlier this year, the edtech company was valued at $16.5 billion.
Data from business intelligence platform Tofler showed that Oxshott Capital Partners led the latest round, while existing investors Edelweiss, Verition Master Fund, IIFL, and Time Capital Advisors also participated.
Byju’s did not comment on the latest fund-raise. The Bengaluru-based company is already the most valued privately-held company in India. Paytm follows at $16 billion.
The Indian edtech space has turned red hot, especially since the pandemic, as children were forced to learn remotely. The country now has five unicorns (those valued at $1 billion or more), three of them emerging just this year – Eruditus, Vedantu, and Ugrad.
Online executive education startup Eruditus raised $650 million in August that valued the company at $3.2 billion, four times its Series D valuation of $780 million last year. Vedantu recently raised $100 million in a Series E round that valued it at over $1 billion.
Byju’s investors also include Tiger Global, Facebook co-founder Mark Zuckerberg’s foundation Chan Zuckerberg Initiative, Chinese conglomerate Tencent, Canadian pension firm CPPIB, Amsterdam-listed Prosus Ventures, sovereign wealth fund Qatar Investment Authority and PE major General Atlantic.
Byju’s has been spending its funds primarily on acquisitions and international expansion. Earlier this year it bought Akash Educational Services for $1 billion to expand its offerings in competitive exam training.
More recently, it bought Great Learning, a company that offers online higher education and upskilling courses, for $600 million.
Byju’s plans to invest $1 billion in North America. Byju’s Future School, an online one-on-one live learning platform for math and coding was launched last month.
The initiative uses 11,000 women teachers. The company has 100 million students on its free platform and 7 million paid subscribers.
Byju’s has made a slew of acquisitions in recent years. The most recent was that of hte US-based K-12 creative coding platform Tynker for $200 million (Rs 1,500 crore), part of an effort to consolidate its presence in the US.
Tynker enables students of all ages to learn to code at home, school, or on the go. Prior to that it acquired US digital reading platform Epic, focused on kids 12 and under, for $500 million. It acquired US-based Osmo, a maker of educational games, for $120 million two years ago.
Founder Byju Raveendran saw his wealth rise by 19% this year to Rs 24,300 crore, as per the latest IIFL Wealth Hurun India Rich List 2021.