Indian online learning platform Byju’s is reportedly in discussions with a number of investors to raise more than $1 billion at a valuation of $21 billion. One of India’s most lucrative and fast growing startups will take its valuation up from $16.5 billion, which is a 27 percent increase.

There are also speculations that the funding round will be closed inside a month. The fact that China’s online tutoring firms are on the decline in terms of profit, the investors are forced to look at India and Byju’s is an alternative that is pretty much visible to the international fraternity; not to mention that the reduction in cost of education has also prompted investors to look at India

Ever since the pandemic started, Indian parents were thrown into a situation wherein their child’s education became completely online and with no hands on experience. Byju’s close-to-classroom model became a great alternative and subsequently, the company’s Byju’s valuation has skyrocketed and the unicorn even went on to purchase the Indian cricket team’s sponsorship from Oppo through a multi-million deal.

The edtech firm previously had raised around $400 million in June this year. In the second week of June, Byju’s had raised about $340 million from investors including UBS Group, Zoom founder Eric Yuan, Blackstone, Abu Dhabi sovereign fund ADQ and Phoenix Rising-Beacon Holdings. Towards the end of the month, the company closed the Series F round with another $50 million influx from IIFL's private equity fund and Maitri Edtech.

The series F round however took Byju’s to a valuation of $16.5 billion, making it India's most valuable startup. The second largest valuation is held by digital payments giant Paytm, which is valued at $16 billion.

Four months ago, the company also went on an acquisition spree, acquiring increased schooling platform Nice Studying for $600 million, children’ digital studying platform Epic for $500 million, and check preparation supplier Aakash Instructional Companies for $1 billion.