- The unicorn startup BYJU’S has raised fresh funding of $460 million in the Series F funding round led by MC Global Edtech Investment.
- The company is also in talks to acquire the Mumbai-based edtech startup Toppr.
- Other leading edtech startups like Vedantu and Unacademy have also been acquiring other startups besides raising fresh capital.
Edtech unicorn BYJU’S recently has announced that it has acquired fresh funding of $460 million in the Series F funding round driven by MC Global Edtech Investment. After this funding, the company’s total valuation has reached $13 billion.
According to sources, other investors including B Capital, Baron Global Advantage Fund, XN Exponent Holding, Arison Holdings, TCDS (India), and TIGA (India) participated in the funding round in which the company is funded.
Set up in 2011 by Byju Raveendran with headquartered in Bangaluru. It is a digital educational platform that provides personalized learning programs for K12 students. As of March 2021, the company has acquired 8 startups that had the same business model providing digital education. Through funding rounds, the company raised total funding of $2.4 billion, and 24 investors fueled the company by, investing in a crucial phase when the fund was essential for the smooth operation of the business.
According to the statement given by the RoC filings, to raise fund BYJU’S issued 1,40,233 compulsorily convertible preference shares (CCPS) at a face value of Rs 10 with a premium of Rs 2,37,326.33.
MG Global obtained the majority shares. The total shares that have been allotted to MG Global are 68,613 CCPS followed by Baron at 24,535 and B Capital at 23,622.
After this funding round the MG Global will be holding a 1.73 percent share of the company and the B capital will be owning 0.59 percent. The B capital is venture capital owned by Facebook Co-founder Eduardo Saverin.
This year this is the first funding raise by BYJU’S as it acquired funding over $1 billion in 2020.
According to the company, they are in talks with the Mumbai headquartered edtech startup Toppr for acquisition.
Other leading edtech startups like Vedantu and Unacademy have also been acquiring other startups besides raising fresh capital.