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Edtech decacorn Byju's has raised Rs 3,328.23 crore or close to $460 million in its ongoing Series F round led by MC Global Edtech Investment Holdings LP, reported Entracker. In the round, the company has alloted 1,40,233 Series F CCPS at a face value of Rs 10 and a premium of Rs 2,37,326 per share to raise the sum. Further, the funding also saw the participation from Facebook co-founder Eduardo Saverin’s B Capital, among other investors. The company aims to use the funds to finance its acquisition for eg Akaash Educational Services and now Toppr.
MC Global Edtech Investment Holdings led the current round with an investment of Rs 1,628 crore (about $225 million) for a 1.73% stake in the company. B Capital, through an investment from two separate entities totalling Rs 561 crore (around $77 million) now holds 0.59% stake in Byju's.
Byju's had last raised $500 million from Silver Lake, Tiger Global, General Atlantic, and Owl Ventures. The current round values Byju's at $13 Billion. Another round of funding will soon make Byju's the second most valuable startup only after Paytm.
A round up of all investments in Byju's
In 2020, Byju's has raised around $1 billion in funding. This included its Series F rounds which saw Tiger Global and General Atlantic earlier investing $200 million each. The edtech unicorn also raised $122 million funding from DST Global, the investment fund headed by tech billionaire Yuri Milner. Prior to this in June 2020, the startup had secured $100 million from US technology investor Bond.
Since the lockdown, Byju’s has seen over 20 million new students start learning from its platform for free. Today, the app has over 64 million registered students and 4.2 million annual paid subscriptions. Byjus had doubled its revenue from ₹1,430 crore to ₹28,00 crore in FY 19-20. Other learning platforms like Unacademy and Vedantu have also raised funding during the pandemic, propelling their valuation to $2 Billion and $500 million each (estimates).