Education technology company Byju’s has raised USD 500 million in a new round of funding from Silver Lake, a global technology investment firm reports Business Standard. With this new funding, the valuation of the edutech company now stands at USD 10.8 billion.
Other than Silver Lake, other investors who participated in this funding round were Tiger Global, General Atlantic and Owl Ventures. In June, the company had raised USD 100 million from US-based Bond Capital. This year alone in the funding round, Series F, the company has raised USD 1 billion. The funds raised from Tiger Global, General Atlantic and DST Global were USD 200 million, USD 200 million and USD 122 million respectively.
Commenting on latest fundraising, Byju Raveendran, chief executive of Byju's said in a statement, “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.”
“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," added Greg Mondre, Co-CEO of Silver Lake.
Last month, Byju’s acquired Mumbai-based start-up, WhiteHat Jr, which teaches coding to children, for USD 300 million.
Post the. COVID-19-induced lockdown, Byju's has seen over 20 million new students learning from its platform for free. Today, the app has over 64 million registered students and 4.2 million annual paid subscriptions. The company had doubled its revenue from Rs 1,430 crore to Rs 2,800 crore in FY 19-20.
