Byju’s Bags Around USD 150 million In Funding Led by Asmaan Ventures

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Continuing its fundraising spree, edtech company Byju’s has raised around $150 million from three investors. The fresh fund comes at a time when the Bengaluru-based company is reportedly in talks with several investors to raise $1.5 billion at over $21 billion valuation. According to market watchers, post completion of the $1.5 billion round, the company may explore public listing in the US.

As per the Ministry of Corporate Affairs (MCA) filings, the edtech startup allotted 38,705 Series F preference shares (each costing INR 238,125 per share) to Asmaan Ventures. India’s highest-valued startup and edtech giant has also allotted 6,045 Series F preference shares (each share costing INR 285,072) to Mirae Asset and ARK Ncore.

Asmaan Ventures has invested Rs 921.7 crore in this tranche followed by Mirae Asset and ARK Ncore which have invested Rs 138 crore and  Rs 34.5 crore respectively, reported Entrackr.

Following the allotment of fresh shares, promoters’ equity has been diluted to 22.97%. Before this tranche, three co-founders of the company including Byju’s Raveendran, Divya Gokulnath and Riju Raveendran had around 23.4% stake in the company when they raised $50 million from India Infoline Finance Limited and Maitri Edtech in June this year.

Launched by Byju Raveendran and Divya Gokulnath in 2011, Bengaluru-based BYJU’s boasts over 100 Mn students on its platform backed by marquee investors such as General Atlantic, Sequoia Capital, the Chan-Zuckerberg Initiative, Naspers, Silver Lake, Tiger Global, among others. The company also claims to have over 6.5 Mn annual paid subscribers with an annual renewal rate of 86% on its personalized learning programs.

With this, Byju’s has already mopped up around $1.65 billion in 2021 and has acquired more than 15 startups since its inception. On Tuesday, the Tiger Global-backed company announced the acquisition of Gradeup. In August 2020, it had acquired coding for kids startup WhiteHat Jr in August 2020 for $300 Mn. This year, the company acquired test prep giant Aakash Educational Services for $1 Bn, which has over 200 physical test prep coaching centres. It also acquired Mumbai-based K12 rival Toppr for $150 Mn.

Also, Read This: Byju’s Controls a 94.3% Stake In WhiteHat Jr After Infusing USD 376 million

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