Edtech unicorn Byju’s has raised ₹2,200 crore in fresh funds, underlining investor faith in India’s most valuable startup despite its widening losses.
The latest funding was led by New York-based Oxshott Capital Partners, which invested ₹1,200 crore as part of a Series F round at ₹285,072 per share, according to regulatory filings reported by researcher Tofler. Other investors in the round included Edelweiss ( ₹344.9 crore), IIFL ( ₹110 crore), Verition Multi-Strategy Master Fund ( ₹147 crore), XN Exponent Holdings ( ₹150 crore), and MarketX Ventures (₹ 144 Cr), reported Inc42.
At $18 billion, Byju’s continues to be India’s most valued private internet company, taking the crown from fintech firm Paytm, which was valued at $16 billion and is now looking to go public. Byju’s was valued at $16.5 billion earlier this year when it raised $350 million from UBS, Blackstone, and others.
The development comes a few weeks after BYJU’s mopped up $150 Mn in an investment round led by Asmaan Ventures and ARK Ncore at $16.8 Bn valuation.
Founder and CEO Byju Raveendran also plans to take the company public in the next 18 months or so, he has said in previous interviews. Online education in India has been turbocharged by the pandemic, and investments are also being accelerated by China’s crackdown on technology, driving more investors to India and other markets, Raveendran said earlier.
Byju’s has been on a buying spree and has shelled out over $2.2 billion in acquisitions this year alone. Just last month, it bought US kids’ coding platform, Tynker, in its ninth acquisition this year. It also acquired online exam preparation platform Gradeup in September. Earlier this year, the edtech firm acquired higher education platform Great Learning for $600 million, kids’ digital reading platform, Epic, for $500 million, and test preparation provider Aakash Educational Services for $1 billion in quick succession.
Also, Read This: Byju’s Bags Around USD 150 million In Funding Led by Asmaan Ventures