Byju’s in talks to raise $1b to buy edtech firm

India-based Byju’s is in talks with banks to raise over US$1 billion as the edtech firm looks to expand its operations “rapidly,” Livemint reported, citing sources familiar with the matter.

While Byju’s is reportedly looking to use the funds to acquire another undisclosed edtech company, the alleged deal’s financial details have not been finalized yet.

The potential deal comes amid Byju’s recent acquisition spree, with the edtech firm buying out other companies that offer a variety of lessons, ranging from coding to professional learning. Recently, the company shelled out US$100 million to acquire Singapore-based edtech firm Northwest Executive education.

Byju’s hit a valuation of US$22 billion after it raised US$800 million in a funding round in March. While founder Byju Raveendran invested half the amount to raise his stake in the company, Sumeru Venture, Vitruvian Partners, and BlackRock had also joined the round.

See also: Indian edtech yet to open up to tech for the disabled