Online learning platform Byju’s has raised funds from US-based private equity firm Silver Lake, along with existing investors including Tiger Global, General Atlantic and Owl Ventures, the company said in a statement on Tuesday. While the company didn’t specify the amount, it is believed to be $500 million, according to multiple news reports. Before this, Silver Lake had invested $1.35 billion in Jio Platforms. It has also invested in Airbnb, Alibaba, Ant Financial, Alphabet’s Verily and Waymo units, Dell Technologies, and Twitter.
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.
Since the lockdown, Byju’s claimed to have added over 20 million new students to its platform for free. It’s app has over 64 million registered students and 4.2 million annual paid subscriptions. Byju’s claimed it had doubled its revenue from ₹1,430 crore in FY 18-19 to ₹2,800 crore in FY 19-20.