In another huge investment, Ed-tech major Byju’s has raised fresh funding from Silver Lake and existing investors, Tiger Global, General Atlantic and Owl Ventures. According to reports, the Ed-tech firm raised $500 M from the investments.
With the new investments, the firm in the new round that valued it at $10.8B.
Byju’s founder and CEO Raveendran said, “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”.
“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,” Greg Mondre, Co-CEO of Silver Lake, said.
Over the last few months, BYJU’S has entered the after-school learning space with the launch of BYJU’S Classes, a comprehensive online tutoring program.
Last month, Byju’s acquired WhiteHat Jr, a Mumbai-based coding platform. With coding fast emerging as a key skill for the future, the company expects the integration will accelerate its international expansion plans.
Currently, the app has over 64 million registered students and 4.2 million annual paid subscriptions. The company has doubled its revenue to Rs 2,800 crore in FY19-20 from Rs 1,430 crore in the previous fiscal.