Edtech company Byju’s on Tuesday raised funds from three US-based investors — BlackRock, Sands Capital, and Alkeon Capital, as the company continues to receive investments amid the COVID-19 pandemic. Existing investors General Atlantic, Owl Ventures and Tiger Global also participated in the round. Earlier this month, another US-based investment company Silver Lake had also invested in Byju’s. While the company did not reveal the amount of funds it raised in this round, several media reports said that the round totalled about $300 million. This funding reportedly takes Byju’s valuation $11.1 billion.
Byju’s has seen several rounds of investments since the beginning of this year. In January, Tiger Global had invested $200 million in Byju’s, which was followed by an investment of the same size by General Atlantic in February. Then in June, the company had raised around $100 million by US-based investor Bond, and raised another $122 million funding from DST Global in August. The same month, Byju’s had acquired Mumbai-based edtech startup WhiteHat Jr. for $300 million. The company offers online coding classes to students in India and the US. Byju’s had also raised around $35 million from Tencent in 2017.
Byju’s said that since the lockdown, it has added over 25 million users on its platforms, and currently has over 70 million registered users and 4.5 million paid subscriptions. It also claimed that it had almost doubled its revenue from ₹1,430 crore in FY 18-19 to ₹2,800 crore in FY 19-20.
In August, Byju’s had acquired Mumbai-based edtech startup WhiteHat Jr. — offers online coding classes to students in India and the US — for $300 million. Byju’s had said that this acquisition will also help it in its US expansion plans.