Byju’s has more than 150 million students in its area with an annual value of 86% and this investment comes at a time when CEO Byju Raveendran is overseeing the first public offering in about 9-12 months.
The funding was led by Sumeru Ventures, Vitruvian Partners, and BlackRock
Edtech’s first Byju’s company has raised $ 800 million in a new sponsorship round led by Sumeru Ventures, Vitruvian Partners, and BlackRock. Part of the total cash flow came from the company’s founder and CEO, Byju Raveendran, who had invested $ 400 million in the company. The new cash flow cycle comes ahead of the company’s expectations for the US stock market through the Special Purpose Acquisition Vehicle (SPAC) agreement.
Byju’s did not disclose its value following the cash flow cycle. It lasted an estimated $ 18 billion, following a $ 296-million fundraiser in October last year, making it the world’s most important edtech startup. According to the company’s annual financial report, Byju’s has seen an 82.31 percent increase in its revenue from operating to Rs 2,381 crore on FY20 from Rs 1,306 crore on FY19. At the same time, however, its losses have increased thirty-fold to Rs 262 crore.
In April last year, it had acquired Aakash Educational Services Limited for a $ 1 billion deal. The company also released an estimated $ 600 million in Big Reading and $ 500 million in US-based Epic. In a statement, Raveendran said, “We continue to see rapid growth in India and international markets through both organic and inorganic routes,” PTI reported. He also emphasized that their continued focus is on achieving long-term goals in terms of creating value for the longevity of students. The company’s CEO added that India’s Edtech industry has the potential to create a world-class champion by solving a cost, quality, and scale trilemma.
