Bengaluru-based edtech platform BYJU’S on Friday stated that it has raised a brand new round of investment led through Silver Lake, a global technology funding company. A person acquainted with the matter informed us that the current valuation of BYJU’S after this fundraise stands at $10.8 billion and the organization has raised a complete of $500 million in this round.
Existing investors Tiger Global, General Atlantic and Owl Ventures additionally participated in this round.
“We are excited to welcome a strong partner like Silver Lake to the BYJU’S family,” said Byju Raveendran, Founder and CEO, BYJU’S. “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. Our classrooms are changing possibly for the first time in 100 years and I’m really excited about the opportunities that we have to redefine the future of learning.”
Since the lockdown, BYJU’S claims that over 20 million new students have commenced studying from its platform for free. Today, the app has over sixty four million registered students and 4.2 million annual paid subscriptions. BYJU’S had doubled its sales from Rs 1,430 crore to Rs 2,800 crore in FY19-20.
“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,” said Greg Mondre, Co-CEO of Silver Lake. “We look forward to working with them as BYJU’S builds on and accelerates its compelling growth trajectory by forging new partnerships and continuing to cultivate a comprehensive ecosystem of innovative educational offerings.”
In June, BYJU’S introduced that it had raised budget from global technology investment company BOND at a $10.5 billion valuation however had not disclosed the amount raised. In February, the organization obtained about $200 million in investment from General Atlantic. Last month, the company additionally secured about Rs 909 crore in investment from billionaire Yuri Milner-led DST Global, according to regulatory documents.
Over the previous few months, BYJU’S has additionally entered the after-school learning area with the release of BYJU’S Classes, a complete on-line tutoring programme. In reaction to the closure of schools because of the continued pandemic, the organization had made content material on its studying app free for all students.
Last month, BYJU’S received WhiteHat Jr., a Mumbai-based coding platform, for $300 million. With coding fast rising as a key skill for the future, this integration may also boost up BYJU’S worldwide growth plans.
