Byju’s has raised $122 Mn from tech billionaire Yuri Milner’s investment fund DST Global. The round appears to be an ongoing one and DST may invest more money in Byju’s. With this, Byju’s has raised $545 million across four tranches in Series F round in 2020 including a $200 million each from Tiger Global and General Atlantic.
For this deal, Byju’s is allotting 42,666 Series F preference shares at an issue price of Rs 213,042.13 per share, shows regulatory filings. Post allotment, DST will command a 1.2% stake in the EdTech startup.
Byju’s was founded in the year 2011 by a former teacher Byju Raveendran. Byju’s also acquired Osmo, a US-based educational games maker in January 2019. Byju’s will be joining Paytm and OYO in the decacorn club soon.
Investor interest in the company has been piqued after registered users grew to 57 million and it enrolled over 3.5 million paid subscribers quickly. Byju’s said it was currently adding over 300,000 new subscribers every month, as schools continue to remain shut across India. Post Series F round early this year, the valuation of Byju’s has jumped by a further $2 Bn following its strong performance during the initial months of the lockdown which started due to the Covid-19 Pandemic.
Apart from these mega investment deals, Byju’s had acquired WhiteHat Jr for $300 million earlier this month, one of the biggest acquisitions in the Indian startup ecosystem in 2020. The company is also in advanced talks of taking over Doubtnut, another EdTech platform.
StorySutra reported to you early this month that DST Global is planning to infuse $400 Mn funding in Byju’s. Meanwhile, some other EdTech companies like Unacademy and Vedantu have also crossed the $500 million valuation mark while Toppr cornered Rs 350 crore Series D round. Vedantu and Toppr achieved the feat during the pandemic.