The Indian educational technology major Byju’s has been valued at $16.5 billion in the funding round, making it India’s most valuable startup by surpassing fintech firm Paytm’s $16 billion valuations.
Ed-tech major Byju’s has raised about $350 million in its current funding round from UBS Group, private equity giant Blackstone, Abu Dhabi’s ADQ, Zoom founder Eric Yuans and Phoenix Rising – Beacon Holdings.
The fundraising is part of the $1.5 billion the company started raising in April, the company raised $1 billion in April from investors. The startup was valued at $11 billion late last year, and $5.75 billion in July 2019.
The Online learning firm Byju’s is expected to use the funds for more acquisitions. Byju’s had acquired Aakash Educational Services Ltd (AESL) for around $1 billion in April 2021. Apart from offline test preparation firms Aakash, It has also acquired Whitehat Jr, and Toppr.
Launched in 2015, Byju’s has become profitable over a period of time, Byju’s has generated revenue of over $100 million in the USA last year. It is said to have over 800 million dollars in revenue for FY22 and still growing fast.
Byju’s has over 8 Crore users, 55 Lac of whom are paying subscribers. The coronavirus pandemic has also helped Byju’s in increasing its user base, during April-September 2020, Byju’s added 4.5 Crore new students to its platform.
Paytm has been the most valuable startup since May 2018 surpassing Flipkart. Paytm is going for an IPO of $3 billion or around Rs 22,000 crore on the basis of revised valuation which is approx $30 billion.
Byju’s provides many educational services for students, from toddlers to high school and college entrance exams and beyond. It also has customers in the US and other developed markets, where parents are often likely to pay more for education. Tutors on Byju’s app tackle subjects using real-life objects such as pizza and cake.
Byju’s valuation has doubled since January 2020, when it was valued at $8 billion in a Tiger Global-led round.
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