BYJU'S raises funds from tech investment firm BOND

  • BYJU'S raises funds from tech investment firm BOND

BYJU'S raises funds from tech investment firm BOND

The first female-founded VC firm's check valued the nine-year-old Indian startup at $10.5 billion, according to a person familiar with the matter.

The company has raised $1.4 Bn till date from investors such as General Atlantic, Tiger Global, Tencent, Naspers, Qatar Investment Authority, and Canada's Pension Plan Investment Board (CPPIB) among others.

According to analysts and industry insiders, the Bengaluru-based firm clinched the new deal after showcasing to the USA investors, the increase in the number of new students joining their online platform and the existing students spending more hours on online education at home due to the restrictions caused by the coronavirus outbreak.

"We are happy to partner with an investor like BOND", said Byju Raveendran, CEO of the edtech company. Indian financial services giant Paytm, which was valued at $16 billion late a year ago when it raised its $1 billion Series G, retains the top spot.

With schools shut due to the COVID-19 outbreak, Byju's has made content on its learning app free for all students, and has also introduced live classes to further student engagement, the company said. In March and April alone, the company has added 13.5 million consumers to its platform. Ltd, the education technology firm that owns and operates learning app Byju's. "The result will be a combination of the best of both online and offline educational offerings". In the past year, the platform has seen tremendous growth and now has over 57 million registered students, more than 3.5 million paid subscribers and annual renewal rates as high as 85 percent.

The fundraise comes right on the heels of a report that suggested a $10Bn valuation for this new raise.

"The pandemic has taught us the need for education to go digital".

Byju's is "endorsed by millions of students" and is a clear leader in education technology, Meeker, a general partner at Bond, said in a funding announcement. However, it didn't provide any details about its total valuation. Ltd, the parent company of Byju's, at about $10.5 billion.

Bengaluru-based edtech platform BYJU'S on Friday said that it has raised a new round of funding from the global technology investment firm, BOND. "They have a very nice global playing field now", said a person with knowledge about Byju's strategy.

Launched in 2015, Byju's offers learning programs for K through 12 students, in addition to helping older students prepare for aptitude tests such as the JEE, NEET, CAT, IAS, GRE and GMAT.