Indian edtech giant Byju's, which raised about $ 1 billion last year when the pandemic accelerated the adoption of online learning services in India, is about to kick off a new fundraising spree.
Byju is in talks to raise more than $ 600 million in a new funding round that would estimate the Indian startup at $ 15 billion, up from about $ 11 billion at the end of last year and $ 5.75 billion in July 2019, they said. ProWellTech two people who are familiar with the matter.
Byju Raveendran, the co-founder and CEO of the startup of the same name, informed some existing investors last month that it would raise a sizable round this month, a person familiar with the matter said. The new round is in the late stages of the talks and some new investors are expected to lead and participate, people said.
A Byju's spokesperson declined to comment last month and earlier this week.
The startup plans to use the new capital to acquire more startups. He is currently in talks with a U.S.-based company - whose name ProWellTech has not been able to determine - for an acquisition and is conducting due diligence to purchase Indian physical coaching institute Aakash, the said. individuals, requesting anonymity as the interviews are private.
Byju's prepares students for undergraduate and graduate courses and has also expanded its catalog in recent years to serve all students attending the school. Tutors on Byju's app tackle complex topics using real-life objects like pizza and cake.
It has amassed over 80 million users, 5.5 million of which are paying subscribers. Byju's, which is profitable, generated more than $ 100 million in revenue in the United States last year, said Deborah Quazzo, Managing Partner of GSV Ventures, in a session held by Indian venture capital fund Blume Ventures earlier this week. week.
This is an evolving story. More to follow ... Source link
