- Facebook’s co-founder Eduardo Saverin’s B Capital Group, Baron Funds, and XN have invested $1 billion in Edtech startup BJYU’s.
- The company is planning to raise another $200 or $300 million in the coming weeks To create a presence in the offline education space.
- It has announced that in the coming 18-24 months, we’ll get listed in the stock market to raise funds for sustaining growth and funding to the company’s expansion plan in offline space.
Bengaluru Based Edtech startup, BYJU’s has raised fresh funding of $1 billion from new investors, including former Facebook co-founder Eduardo Saverin’s B Capital Group, Baron Funds, and XN.
New investors for Byju’s included B Capital Group, founded by former Facebook co-founder Eduardo Saverin, Baron Funds, and XN. And the round also included some existing investors like private equity giant Silver Lake Management, Owl Ventures, and T Rowe Price, who are investing around $100 million each in the funding round.
The company is still planning to raise another $200 or $300 million, at a slightly higher valuation, in the coming few weeks.
Byju Raveendran, the education company’s founder and chief executive officer, said that the byju is aggressively penetrating the market by making acquisitions to increase the growth in the territory it has a presence. BYJU has acquired Akash Education a Jee and Neet entrance exam coaching institute for $1 billion the deal took place last week. The agenda behind acquiring Akash Education is to enter into the offline education segment to capture a healthy share.
According to Byju Raveendran the company’s founder, “ Outbreak of COVID has boosted up the online education industry as all schools and colleges are ordered to keep close until the situation comes in control. The company has a total of 80 million customer base who are using BYJU and recommending it to others as well. BYJU is very famous among parents for its simplified math and science concepts with the aid of animated videos and games.
The most valued ed-tech startup of India BJYU is supported by marquee investors such as Mary Meeker, Yuri Milner, Chan-Zuckerberg Initiative, Tencent, Sequoia Capital, Tiger Global, and others. It is estimated that it has raised over $2 billion in funding to date.
Speaking on the IPO plan, co-founder Byju Raveendran said, “considering the company’s growth Going to the public to raise the fund is the best idea we have and we are very clear about it. “ We are ready to list our in the stock market in 18-24 span of time. But it can take a bit longer since we are in no hurry and will look at the right market timing,” he told the publication.