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Doris Yu · · 1 min readSources: Byju’s to raise up to $600m in funding from B Capital, others
“Edtech major Byju’s is in discussions with a group of investors to raise around US$500 million to US$600 million in a new financing round which is slated to propel its valuation to as much as US$14 billion to US$15 billion, as Indian internet startups attract a rush of capital across stages,” reported The Economic Times, citing three people in the know.
Details:
- Facebook co-founder Eduardo Saverin’s B Capital Group, along with some US investors and existing backers, will be joining in the round.
- Part of the new capital will be used to fund Byju’s US$700 million to US$800 million acquisition of Aakash Educational Service, which is expected to be closed “a few weeks from now.” It will also be used to power the firm’s global expansion.
Context:
- Byju’s is in the final stages of acquiring its rival Toppr in a US$50 million cash and shares deal. It’s also looking to acquire some firms in the US.
- In September last year, the edtech giant secured US$500 million in a funding round led by Silver Lake, which valued the company at around US$10.8 billion.
Editing by Miguel Cordon and Jaclyn Tiu
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