CIOInsider India Magazine
BYJU'S Hooks in $200 million in Fresh Funding
CIO Insider Team | Monday, 23 November, 2020
BYJU’S, the home-grown edtech decacorn, has reportedly raised $200 million in a fresh funding round from private equity firms – BlackRock and T. Rowe Price. The new funding means that the online education startup is now valued at $12 billion, around $1 billion more since the earlier round in September where it raised $500 billion from a group of investors comprising PE firm Silver Lake Partners, Tiger Global, General Atlantic, and Owl Ventures at a valuation of $10.8 billion. BlackRock, Sands Capital and Alkeon Capital joined as new investors, as part of the same round later, with valuation climbing to $11.1 billion.
Since the lockdown, BYJU’S has witnessed a stellar growth adding over 25 million new students to its platform
Since the lockdown, BYJU’S has witnessed a stellar growth adding over 25 million new students to its platform. As of date, the app had more than 70 million registered students as well as 4.5 million annual paid subscriptions. Besides, the renewed investor interest also propelled the company into India’s second-most valuable startup, also earning it decacorn status. A decacorn is a firm valued at over $10 billion.
With the latest funding round, BYJU’S has further narrowed its valuation gap with digital payments platform Paytm, which presently enjoys a valuation of $16 billion, as per the Hurun India Unicorn Index 2020. The online edtech startup has also almost doubled its revenue from Rs. 1,430 crore to Rs. 2,800 crore in FY20 and is advancing towards the $1 billion revenue milestone.
