Byju's raises Rs 371 crore from IIFL's private equity fund and others: Report
Byju's raises Rs 371 crore from IIFL's private equity fund and others: Report

Edtech firm Byju's has raised $50 million (Rs 370.93 crore) in a series F round from IIFL's private equity fund and Maitri Edtech, as per a news report.

ET reported this round was led by IIFL with a $35 million investment, while Maitri Edtech invested $15 million, according to the latest regulatory filings sourced through business intelligence platform Tofler.

On June 12, Facebook-backed platform had raised about $340 million from investors such as UBS Group, Zoom founder Eric Yuan, Blackstone, Abu Dhabi sovereign fund ADQ and Phoenix Rising-Beacon Holdings.

This round valued the company at around $16.5 billion, making it India's most valuable startup.

Think & Learn Pvt Ltd - which operates Byju's - is backed by marquee investors like Mary Meeker, Yuri Milner, Chan-Zuckerberg Initiative, Tencent, Sequoia Capital, Tiger Global, and others. It is estimated to have raised over USD 2 billion in funding.

In April this year, Byju's had acquired Aakash Educational Services Ltd (AESL) to bolster its presence in the test preparation segment in the country in an estimated USD 1 billion deal. The ed-tech major had also bought coding training platform WhiteHat Jr for USD 300 million last year.

Launched in 2015, Byju's has well over 80 million students cumulatively learning from the app, 5.5 million annual paid subscriptions, and an annual renewal rate of 86 per cent. During April-September 2020, Byju's had added 45 million new students to its platform.

The edtech space has seen strong growth globally with the COVID-19 pandemic serving as an inflection point.

While a number of players have raised fresh funding from investors, consolidation is also being seen in the industry with deals like Unacademy acquiring PrepLadder and Byju's acquisition of AESL.

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