Edtech Byju's has become the most valued startup in the Indian ecosystem with a $16.5 billion valuation, stated a news report. This was after the company raised close to Rs 2,500 crore (about $340 million).
According to Economic Times, the start-up achieved that status after investors such as the UBS Group, Zoom founder Eric Yuan, Blackstone, Abu Dhabi sovereign fund ADQ and Phoenix Rising–Beacon Holdings invested in the latest round.
This investment helped Byju's overtake Paytm, which was valued at $16 billion after its last funding round in late 2019, to become a most-valued startup in India.
Launched in 2015, Byju’s has over 80 million students cumulatively learning from the app, 5.5 million annual paid subscriptions, and an annual renewal rate of 86 per cent. It is reported that the company’s revenue doubled in the financial year ended March 2021 from the previous year. This would translate into revenue of around Rs 5,600 crore.
Recently, CCI allowed Think & Learn Private Limited (BYJU’S) to acquire a certain stake in Aakash Educational Services Limited (AESL). In addition, it has also permitted the merger of BYJU’s and AESL.
It is reported that the company is in talks with WhiteHat Jr, Scholr, and Gradeup for a possible acquisition.